Market Movers: Memory Chip Giants Hit $1 Trillion as Goldman Sees S&P 500 Reaching 8,000
Micron Technology jumped 19.3% to $895.88 following a UBS price target increase to $1,625, elevating its valuation beyond $1 trillionSK Hynix achieved a $1 trillion market capitalization milestone as memory chip valuations doubled during Q1Marvell Technology climbed more than 5% before its earnings release, benefiting from its AI networking and custom chip exposureAbercrombie & Fitch exceeded profit forecasts with $1.47 EPS while revenue came in marginally below expectationsGoldman Sachs elevated its S&P 500 year-end projection to 8,000, citing AI sector earnings as a primary catalyst for roughly 50% of anticipated gains May 26 brought significant market action across Micron Technology, SK Hynix, Marvell Technology, Abercrombie & Fitch, and Goldman Sachs. The trading session featured notable movements in AI memory manufacturers, retail sector updates, and optimistic market forecasts. Below is a comprehensive analysis of each major development. Micron Technology Rallies 19% on UBS Upgrade Micron Technology delivered an exceptional trading performance with one of its strongest single-day gains. Following UBSs dramatic price target revision from $535 to $1,625, shares climbed 19.3% to close at $895.88. This substantial rally propelled Microns valuation past the $1 trillion threshold for the first time in company history. UBS analysts pointed to extended customer contracts, constrained memory supply, and escalating artificial