Micron Technology stock surges 88% in May as AI chip demand fuels rally

Micron Technology’s shares jumped 87.8% in May, lifting the company’s market value above $1 trillion and putting its stock up roughly 203% year‑to‑date. The rally was driven by strong demand for AI‑focused memory chips used in data‑center processors, with analysts raising price targets to $1,220 and $1,500 and maintaining overweight ratings.

Institutional investors added to the buying pressure. Cerity Partners increased its holding by 5.5% to 220,275 shares worth about $62.9 million, while other funds such as High Note Wealth, Elevation Wealth Partners and GHP Investment Advisors also expanded their positions. Micron also appointed Dr. Alexis Black Björlin to its board to bolster AI‑infrastructure expertise.

Despite the gains, the stock faced a pullback in June amid a broader chip‑sector correction and macro‑economic concerns, including higher‑than‑expected U.S. payroll growth that could prompt tighter Federal Reserve policy. Analysts warned that the upcoming June 24 earnings report could confirm the AI‑memory thesis or trigger a correction if growth expectations fall short.