Micron topped a $1 trillion market value for the first time on Tuesday as shares popped 19%, driven by insatiable artificial intelligence demand for its memory chips.

The stock surge came as UBS tripled its price target on the stock from $535 to $1,625 a share, citing long-term agreement opportunities with partially fixed pricing.

“We believe the market will start to put a more ‘normal’ multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex,” the firm wrote.

The new price target suggests shares could more than double from Friday’s close.

Micron is among a fresh crop of chipmakers benefiting from the next…