$MU Micron Technology (MU) performed strongly in U.S. stock trading on September 5, 2026, with its share price surging 6.1% to close at $1,016.59, after reaching an intraday high of $1,017.77 and a low of $969.00. Trading volume reached 34.82 million shares, with a turnover rate of 3.08%, indicating active market trading. The rise was mainly driven by an explosion in demand for AI computing power, with the memory chip sector strengthening across the board. Although stronger-than-expected U.S. nonfarm payroll data for August sparked interest-rate hike concerns and led the three major U.S. stock indexes to close slightly lower, funds clearly flowed into semiconductor hardware. The Philadelphia Semiconductor Index bucked the trend to surge 3.37%, with SanDisk rising more than 11%, SK hynix gaining more than 8%, and Micron Technology also leading the gains. Key drivers include:
· HBM capacity expansion: Micron plans to double its HBM capacity, focusing on increasing the share of HBM4 12-layer products to meet demand from AI chip manufacturers such as NVIDIA.
· Strong earnings growth: The company's revenue for fiscal 2026 increased 35.8% year over year, with AI-related revenue accounting for approximately 30%, while its profitability and market position continued to strengthen.
· Institutional fund preference: Against a backdrop of broad pressure on technology stocks, funds rotated from high-valued software stocks into hardware leaders backed by real orders, making Micron a major beneficiary.

Although its short-term valuation is relatively high (PE TTM of approximately 22.75), the PEG indicator shows that its valuation is broadly in line with its growth rate, and the market is assigning a premium to its position as a core AI computing power supplier. Its subsequent performance will depend on the realization of HBM orders, changes in the memory price cycle, and the macro interest-rate environment. $MU