MU Stock Rises Above $500 For The First Time Ever Following A 76% Rally This Year — Retail Points To Huge Agentic AI Opportunity

• Overall, U.S. chip stocks surged on Friday, with Nvidia rising to a new high, while Intel soared nearly 30% before paring some of the gains.
• AMD shares soared more than 15%, aided by Intel’s performance and an analyst’s 70% price target hike.
• The iShares Semiconductor ETF was up more than 5% in Friday’s midday trade, with most of the stocks that make up the ETF rising during the regular trading session.

Shares of Micron Technology Inc. (MU) rose above $500 for the first time ever on Friday, with the stock hitting a new all-time high for the second consecutive day amid a broader rally across the semiconductor segment.

Micron shares reached a new all-time high of $506.99 on Friday before paring some of the gains to hover around $500. At the time of writing, MU stock was up nearly 4%.

Rising Tide Lifts All

Overall, U.S. chip stocks surged on Friday, with Nvidia Corp. (NVDA) rising to a new high, while Intel Corp. (INTC) soared nearly 30% before paring some of the gains after blowing past Wall Street expectations with its first-quarter (Q1) performance.

AMD shares soared more than 15%, aided by Intel’s performance and an analyst’s 70% price target hike.

The iShares Semiconductor ETF (SOXX) was up more than 5% in Friday’s midday trade, with most of the stocks that make up the ETF rising during the regular trading session.

How Did Retail Traders React?

Retail sentiment on Stocktwits around Micron Technology trended in the ‘bearish’ territory at the time of writing.

One user stated that Micron will have a significant agentic AI opportunity, as it supplies memory to Nvidia for its Vera Rubin platform.

Another user stated that Micron remains a deep value play.

The Nvidia Connection

Micron announced last month that its 192GB SOCAMM2 memory had entered high-volume production, designed for AI and high-performance computing workloads on the Nvidia Vera Rubin platform.

The company stated that it offers the SOCAMM2 product with capacities up to two terabytes and a bandwidth of 1.2 terabytes per second.

“Our close collaboration with NVIDIA ensures that compute and memory are designed to scale together from day one,” said Sumit Sadana, executive vice president and chief business officer at Micron.

This comes at a time when the company’s unable to meet the demand for its memory products.

“Memory today is very tight supply and supply cannot be brought up that easily, and you are seeing that in our results,” Micron CEO Sanjay Mehrotra told CNBC during an interview following second-quarter (Q2) results last month.

Mehrotra added that the company is only able to meet about half to two-thirds of the memory demands of its key customers.

MU stock is up 76% year-to-date, while INTC stock is up 117%.

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