Stock Track | GraniteShares 2x Long MU ETF Soars 8.95% in Pre-Market on UBS's Bullish Micron Call and AI Demand

Stock Track05-27

The GraniteShares 2x Long MU Daily ETF (MULL), which provides two times the daily return of Micron Technology Inc., soared 8.95% in pre-market trading on Wednesday.

The leveraged exchange-traded fund's significant pre-market move was driven by a powerful rally in its underlying asset, Micron Technology, following a major analyst upgrade from UBS. The investment bank raised its price target on Micron to $1,625, the highest on Wall Street, citing a transformative shift in the memory industry driven by enhanced long-term agreements (LTAs) with hyperscale cloud providers.

UBS analysts argued that these agreements, which lock in volume and partially fix prices, are smoothing Micron's earnings profile and enabling a valuation re-rating from a cyclical stock to a growth stock, fueled by sustained AI-driven demand for memory chips. Concurrently, Micron's stock surge propelled its market capitalization above the $1 trillion mark, underscoring its central role in the AI infrastructure build-out.

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