Micron Technology Inc. (NASDAQ:MU) shares are trending on Wednesday.
Shares of the Idaho-based semiconductor company edged 1.5% higher to $736 in pre-market trading.
Micron Joins $26 Billion Anthropic IPO Investor Group
The move followed Anthropic’s updated IPO prospectus Tuesday. It showed Micron is among seven tech companies that have agreed to buy a combined $26 billion of its stock. The purchases will occur through a private placement right after the IPO.
Nvidia Corp. (NASDAQ:NVDA) and Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) are each committing $10 billion. Advanced Micro Devices Inc. (NASDAQ:AMD) is investing $2.5 billion. Micron, Broadcom Inc. (NASDAQ:AVGO) and Microsoft Corp. (NASDAQ:MSFT) are each pledging $1 billion.
TSMC Partners, an affiliate of Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), will invest $500 million.
Anthropic is expected to make its stock market debut on Nov. 19. It is offering 825 million shares at a price of $70 to $78 each. The offering could raise up to $64.35 billion at the high end of the range.
Goldman Sachs Reiterates $1,250 Micron Price Target
On Tuesday, Goldman Sachs (NYSE:GS) analyst James Schneider reiterated a $1,250 price target on Micron, implying roughly 70% upside. He kept a Neutral rating on the stock, according to a report by BigGo Finance.
Micron shares have fallen more than 15% over the last five days. Investors fear a Democratic win in the midterm elections could slow the build-out of AI infrastructure. That could reduce orders for Micron’s memory chips.
Trading Metrics, Technical Analysis
Micron has a market capitalization of approximately $820.41 billion. Its stock has traded between a 52-week high of $1,255 and a 52-week low of $192.59.
MU has a Relative Strength Index (RSI) of 35.82.
Over the past 12 months, the stock has gained 186.27%.
Price Action: On Tuesday, Micron stock closed at $725.11, down 1.10%, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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