Micron stock heats up again, crossing $1,000

Micron stock reached the psychologically significant $1,000 price level in premarket trading on Monday, marking a recovery from weakness seen earlier in the month. The memory chip manufacturer had not traded at or above this price since July 6. Following a 25% decline through July 29 driven by concerns about overvaluation in momentum artificial intelligence trades, the stock rallied 36% from those lows. Year to date, shares gained 240%.
Several market dynamics are supporting the stock’s u