Micron (MU) Stock Rises 4% as Trump Administration Blocks Chinese Memory Chip Use
TLDR
- Micron stock rose 3.5% in premarket trading to $1,005.65, extending a four-session winning streak
- Commerce Secretary Howard Lutnick confirmed the Trump administration is discouraging U.S. companies from using Chinese memory chips
- Apple was specifically contacted by the administration regarding talks with Chinaโs CXMT
- New Street Research upgraded MU to Buy with a $1,250 price target; UBS set a target of $1,625
- Wall Street consensus is Strong Buy with an average price target of $1,569.07, implying over 61% upside
Micron stock jumped 3.5% to $1,005.65 in premarket trading on Monday, riding a wave of positive news around U.S. policy and a fresh round of analyst upgrades.
The move comes after Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration is actively discouraging American companies from sourcing memory chips from China. โItโs not great American companies using Chinese memory,โ Lutnick said.
The administration went further, directly contacting Apple about its early-stage talks with Chinaโs ChangXin Memory Technologies, known as CXMT. Apple had reportedly been in discussions with CXMT to supply components for some devices sold in China.
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