Micron (MU) had its best day since 2011 on Tuesday, closing at a record high — its 28th of the year — 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.

The stock surged past the $886.74 level that valued Micron at $1 trillion, making it the 11th-largest US public company by market value, behind Eli Lilly (LLY) and…