Micron Technology Inc. (NASDAQ:MU) shares were up nearly 4% in Tuesday's premarket session, as investors kept piling into semiconductor stocks amid a broader risk-on mood. The move comes as tight global memory supply, relentless AI infrastructure spending, and a chip-sector rebound all continue to lift sentiment. Nasdaq futures rose 0.59%, while S&P 500 futures added 0.15%.

Micron Closes In On SK hynix

The rally follows fresh industry data showing Micron is rapidly closing the gap in the global DRAM market, as AI-driven memory demand reshapes the competitive landscape.

According to Counterpoint Research, Micron grabbed a 25% share of global DRAM revenue in the second quarter of 2026, just one percentage point behind SK hynix Inc. (NASDAQ:SKHY) at 26%. Samsung Electronics Co. Ltd. (OTC:SSNLF) remains the market leader with a 39% share.

Micron has been one of the biggest winners of the AI spending cycle since late 2023. Demand for both conventional DRAM used in CPUs and high-bandwidth memory (HBM) used in AI GPUs has continued to outpace supply, supporting pricing and revenue growth across the industry.

Earnings And Analyst Outlook

The next major catalyst for Micron is its estimated Sept. 22 earnings report.

Wall Street expects earnings per share of $31.24, up from $3.03 a year earlier, on revenue of $50.72 billion, compared with $11.31 billion in the prior-year period.

The stock carries a consensus Buy rating with an average analyst price forecast of $1,548.86. Recent analyst actions include KeyBanc raising its price forecast to $1,750 in July and Cantor Fitzgerald maintaining an Overweight rating while lifting its forecast to $2,000 in late June.

The Funds Most Invested In Micron

Micron is among the largest holdings in several semiconductor and AI-focused ETFs, including the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ), Invesco AI and Next Gen Software ETF (NYSE:IGPT) and Fidelity Disruptive Technology ETF (NASDAQ:FDTX). As a result, strong inflows into these funds can provide an additional source of demand for the stock.

Price Action

Micron Technology shares were trading higher by 3.23% at $856.32 during premarket trading on Tuesday, according to market data.