Micron Nears $1,000 as Apple's Memory Chip Dilemma Looms

Micron Technology's stock rose 3% in overnight trading, inching closer to reclaiming the $1,000 mark. This follows a series of positive catalysts for the company.

The shares have been trading in a relatively narrow range since falling below $1,000 on July 2. However, they've seen a strong rebound this month and rose 10.7% over the past week to $971.66, their largest one-week gain in more than two months.

Retail investors speculate that a rally in South Korean stocks will support Micron's share price. The KOSPI index has been rising steadily, with its heavy weighting from chipmakers Samsung Electronics and SK Hynix influencing trading in U.S. memory stocks.

The negotiations between Apple and the U.S. government over Apple's memory chip procurement are also being closely watched. U.S. Commerce Secretary Howard Lutnick said that the U.S. government does not want Apple to source memory chips from Chinese manufacturers, following reports that Apple has sought approval to buy chips from China's ChangXin Memory Technologies (CXMT).

Views on Micron's stock are divided, with some traders optimistic about a potential catalyst from Apple. One trader said: '$MU is up, and it's about to break through $1,000.' However, others remain skeptical about Micron's move.