Micron Stock Eyes $1,000 Breakout Amid Apple Memory Deal Uncertainty

Micron Technology (NASDAQ: MU) has been on a tear, rising 1% in overnight trading and extending its winning streak to two weeks. The stock closed at $971.66, up 10.7% over the past week, which is its strongest weekly advance in more than two months.

Traders are positioning for a return to the $1,000 level, and some are even predicting a breakout above that mark. However, not all sentiment is bullish, with one skeptical trader warning of a possible dump at the open.

The strength in South Korean equities may be providing an additional tailwind for MU, as KOSPI, the South Korean benchmark heavily weighted toward chipmakers Samsung Electronics and SK Hynix, rose 2.4% in Seoul on Monday.

Apple's ongoing discussions with the U.S. government over its memory chip procurement strategy are also a major focus for traders. Commerce Secretary Howard Lutnick stated that the U.S. government does not want Apple to source memory chips from Chinese manufacturers, following reports of Apple's attempts to do so.