Micron Nears $1,000 as Apple's China Chip Drama Boosts Bulls

Micron Technology stock rose 1% in overnight trading late Sunday, with traders closely watching the stock for a return to the $1,000 mark amid a string of catalysts.

The stock has been on a tear, gaining nearly 11% in the week and extending its winning streak to a second straight week. At $971.66, it is still shy of its record high in June but has traded in a relatively narrow range since then.

Retail traders believe that gains in South Korean stocks will support Micron's price. KOSPI, which is heavily weighted toward chipmakers Samsung Electronics and SK Hynix, rose 2.4% in Seoul on Monday.

The US government's pressure on Apple to abandon Chinese memory chips has also contributed to the bullish sentiment. Commerce Secretary Howard Lutnick said over the weekend that the U.S. government does not want Apple to source memory chips from Chinese manufacturers.

Some traders remain skeptical, however, and believe Micron will dump at the open if it tests $1,000.