Micron (MU) opened at a record intraday high Tuesday after UBS more than tripled its price target on the memory chipmaker to a Street-high of $1,625, arguing that the AI boom has structurally changed the market for memory.

The new target is up from $535 and implies roughly 115% upside from Micron’s Friday close of $751. UBS analyst Timothy Arcuri wrote that the market should start putting a more “normal” multiple on Micron as investors get more evidence of the changes AI has driven across the memory complex.

UBS is not just raising numbers. It’s also arguing that AI has changed the way investors should value the company.

Micron has historically traded like a cyclical memory stock, with investors worried about…