Micron Technology (MU) shares jumped to a record high during early trading on Monday after Bank of America analysts increased their 澳洲幸运5官方开奖结果体彩网:price target for the stock, saying it is well-positioned to gain amid the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) boom.

Bank of America named Micron, alongside Marvell Technology (MRVL) and Advanced Micro Devices (AMD), as a "junior samurAI" poised to gain after its "top picks," Nvidia (NVDA) and Broadcom (AVGO).

"Each 'junior samurAI' trades interestingly at a valuation premium to its respective leader, so greater stock volatility is to be expected," the analysts wrote, adding that "as the leader expands the [total addressable market], the junior can likely continue to carve a profitable niche."

As AI tech requires high-bandwidth memory (HBM), Micron has the "potential to rapidly expand high-bandwidth memory or HBM market share behind Korean peers," the analysts said.

The Bank of America analysts lifted their price objective to $144 from $120 per share and reiterated a "buy" rating.

Nvidia has 澳洲幸运5官方开奖结果体彩网:established itself as an early leader in the AI race, with the companies within its 澳洲幸运5官方开奖结果体彩网:AI ecosystem experiencing gains amid surging AI demand.

The analysts wrote that they "believe the rising tide – accelerator market ~2xing to $200bn over next 3 years – could create volatile but fruitful opportunities among the #2 vendors."

Micron shares were up almost 7% to $125.74 at 11 a.m. ET Monday after earlier hitting an all-time high of $127.38. The stock has gained 53% since the start of 2024.