Shares of Micron Technology climbed to a record intraday high on Tuesday after UBS issued a dramatically higher price target, with the bank contending that the rise of AI has fundamentally altered how the company deserves to be valued.

UBS analyst Timothy Arcuri raised his price target to $1,625 from $535 — a Street-high figure that implies roughly 116% upside from Friday’s close, according to CNBC. Early trading saw the shares jump over 10%, a move that marked Micron’s 30th intraday record of the year.

Should the stock reach that level, Micron’s total market value would swell to an estimated $1.8 trillion — enough to place it seventh on the list of largest U.S. companies, trailing only Nvidia, Alphabet, Apple, Microsoft,…