Micron Technology shares surged over 18% on Tuesday.
The rally pushed the chipmaker’s market capitalization past $1 trillion for the first time.
Micron now ranks among the best-performing stocks in the S&P 500 this year.
UBS more than tripled its price target for the stock to $1,625.
The bank cited soaring demand for AI memory chips and a shift toward long-term business agreements.
Donald Trump further boosted the stock by praising the company’s U.S. investment plans at a recent rally.