Memory chip maker Micron rose 19% after analysts at brokerage UBS drastically increased price targets.

Shares of technology companies rallied on optimism about chip stocks. Memory chip maker Micron rose 19% after analysts at brokerage UBS drastically increased price targets due to an anticipated jump-shift in revenue growth caused by artificial-intelligence demand. Even after Micron's torrid rally, which has brought it to the $1 trillion market capitalization level, the company's valuation based on forecasted earnings is relatively modest, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. Chip designer Qualcomm added to recent gains deal with global automaker Stellantis to support AI-powered vehicles. Chinese phone and electric-vehicle maker Xiaomi had a rough start to the year, posting another profit drop as rising memory-chip prices, stiff competition and soft demand weighed. Huawei Technologies said it has developed a workaround that would allow it to make chips on par with leading products manufactured by Intel and other top global companies by 2031. Dropbox Chief Executive Andrew Houston will step down from his role after 19 years at the head of the company and become executive chairman. Write to Rob Curran at [email protected] (END) Dow Jones Newswires 05-26-26 1727ET

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