Micron Nears $1,000 as Apple's Memory Procurement Talks Heat Up

Micron Technology's stock rose 1% in overnight trading late Sunday, with traders eyeing a return to the $1,000 mark. This comes after a string of catalysts, including gains in South Korean stocks and Apple's discussions with the U.S. government over its memory procurement.

The KOSPI index, which is heavily weighted toward chipmakers Samsung Electronics and SK Hynix, rose 2.4% in Seoul on Monday. Retail traders speculate that this will support Micron shares.

Apple's talks with the U.S. government have been a key issue for traders, as the company seeks to ease the memory-chip shortage and soaring prices. The Commerce Secretary stated over the weekend that the U.S. government does not want Apple to source memory chips from Chinese manufacturers.

Retail sentiment on Stocktwits for Micron dipped to 'bearish' amid skepticism about the stock's move. However, some traders remain bullish, with one stating, '$MU The most important news I would like to hear from Apple on 8-21 is that Apple chose MU for its sole chip supplier.' The U.S. Senate has set Aug. 21 as the deadline for Apple to respond to bipartisan senators' demands concerning Chinese memory suppliers.