Quick Read

• Micron (MU) stock rallied 12% to $843 after UBS raised its price target to $1,625, implying a double from current levels, with the firm projecting EPS exceeding $100 through at least 2029 as AI-driven structural changes strengthen the durability of long-term memory supply agreements.

• Micron’s Manassas facility began producing 1-alpha DRAM while fiscal Q1 2026 revenue hit $13.64B (up 57% year over year), with the company’s Cloud Memory Business Unit nearly doubling to $5.28B at 66% gross margins.

• UBS is positioning its upgrade as a multiple rerating call based on the belief that AI has permanently reshaped memory market fundamentals, making Micron’s earnings more durable and justifying higher valuations than…