US Stock Market Move | Storage sector opened strong, Micron Technology, Inc. (MU.US) rose nearly 3%.

On Wednesday, the storage sector opened strong, with Micron Technology, Inc. (MU.US) and SanDisk (SNDK.US) up nearly 3%, Seagate Technology Holdings PLC (STX.US) up over 2%, and Western Digital Corporation (WDC.US) up over 1%. In terms of news, Citigroup significantly raised its stock target price for Micron Technology, Inc. from $425 to $840 and maintained a "buy" rating. The reason is the expectation that the company will raise prices for dynamic random access memory (DRAM). Analysts said, "We expect the DRAM upcycle to continue until the natural year 2027, and anticipate that prices of high bandwidth memory (HBM) will rise next year." Analysts also added that due to tight HBM production capacity, they expect pricing to increase in 2027, and memory manufacturers will exercise restraint in increasing supply to prevent a reduction in HBM deployment in AI data centers next year. Analysts mentioned that last week, in response to strong pricing, Cisco Systems, Inc. has already reduced the deployment of DRAM by 50% in over 20 projects, including wireless products.