Memory chip stocks have been on fire this year, with Micron (MU) leading the charge. Advanced AI servers have sent demand soaring, making chips that were once deemed “boring” the hottest part of tech. MU stock has climbed almost 750% over the past 52 weeks as investors bet on an extended memory supercycle. Raymond James recently added to the momentum by lifting its price target to $1,100 from $530 and reiterating an “Outperform” rating ahead of the June 24 earnings report. In response, the stock rose more than 6% and moved above the $1,000 mark, although shares now trade closer to the $900 level.

Raymond James’ bullish call rests on more than a fast-moving…