Why Micron Stock Rocketed to a Record High Today

Micron Technology (MU) surged 10.43% to a record high after TD Cowen analyst Krish Sankar upgraded his price target from $660 to $1,500, more than doubling his prior forecast. Sankar anchored the call on agentic AI driving sustained demand for memory chips through the second half of 2027.

The analyst expects Micron to benefit from multiyear customer agreements that provide pricing power in the AI memory market. Agentic AI—systems that autonomously execute complex tasks—requires significantly more memory capacity than traditional applications, creating a structural tailwind for the chipmaker.

The stock has returned 1,314% over the past five years, though today's move marks a fresh all-time high. TD Cowen's $1,500 target implies additional upside from current levels, based on the firm's thesis that AI-driven memory demand has staying power beyond near-term hype cycles.