Micron Closes In on $1,000 Amid Apple Memory Procurement Talks

Micron Technology's stock price has been inching closer to $1,000 in overnight trading, driven by several catalysts. The memory chip manufacturer's shares rose 1% late Sunday after gaining nearly 11% in the week.

One key issue traders were watching was Apple's discussions with the U.S. government over its memory procurement. The Commerce Secretary Howard Lutnick said that the U.S. government does not want Apple to source memory chips from Chinese manufacturers, amid reports that Apple had sought approval to buy chips from China's ChangXin Memory Technologies (CXMT).

The insatiable demand for AI data-center memory has fueled a shortage and soaring prices, pushing Apple and other consumer-electronics makers to raise prices. Some traders speculate that gains in South Korean stocks would support Micron.