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3 Stocks Rallying on Micron's Price Boost: Substance or Hype?
By Dan Schmidt. Published: 5/28/2026.
Key Points
- UBS raised its Micron price target to $1,625 on May 26, citing long-term AI hyperscaler agreements and a concentrated three-company HBM supply chain.
- Western Digital and Rambus rallied in sympathy with Micron and appear fundamentally supported by similar data center demand and supply dynamics.
- onsemi's 9% sympathy rally looks unwarranted, as automotive chips dominate its revenue and the stock appears technically overextended after an 80% three-month gain.
- Special Report: Elon Musk already made me a “wealthy man”
The raging semiconductor rally got another boost this week when UBS analyst Timothy Arcuri raised his price target on Micron Technology Inc. (NASDAQ: MU) to a stunning $1,625, nearly triple his previous target.
The stock was trading below $800 at the time of the upgrade, so the new target implied upside of more than 100% and a company valuation of over $1.8 trillion.
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The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings research points to the first half of 2026 as a particularly rough stretch for certain holdings.
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If any of these are in your portfolio, now is the time to review your positions.
See the 5 stocks to avoidMU shares rallied nearly 20% the following day, and the broader industry seemed to join in, as the iShares PHLX Semiconductor ETF (NASDAQ: SOXX) advanced 6%.
When the entire industry seems to rally every day, it's easy for weaker companies to get caught up in the wave and soar to new all-time highs. But it's also important to remember Warren Buffett's quote about what happens when the wave recedes: you find out who’s been swimming without proper attire.
Why UBS Boosted Its MU Price Target by 200%
Arcuri’s May 26 price target increase reflected his view that high-bandwidth memory (HBM) is undergoing a fundamental shift from a cyclical semiconductor business to one driven by long-term AI infrastructure demand.
Instead of a cyclical manufacturing industry, HBM now has structural growth tailwinds led by two key factors:
Long-term Revenue Visibility: AI hyperscalers are running into HBM backlogs and are more willing to lock in long-term agreements for supply and access to next-gen products. Micron already has agreements in place for its entire 2026 HBM supply.
Concentrated Supply Chain: Producing HBM products at large scale is a capability currently possessed by only three companies: Micron, Samsung Electronics Ltd. (OTCMKTS: SSNLF), and SK Hynix. In its Q1 2026 earnings report, Micron projected that data center demand for HBM will exceed $100 billion by 2028, more than three times the $35 billion in HBM sales to data centers in 2025.
Given these secure, long-term agreements and the tight supply concentration, Arcuri argues that MU shares deserve a valuation similar to NVIDIA Corp. (NASDAQ: NVDA). However, the stock traded at under 10x forward earnings at the time of the call—far cheaper than the NASDAQ 100 average of 24x earnings, which helps explain the massive re-rating.
3 Stocks Rallying in Sympathy: Hype or Substance?
Many tech stocks in the AI and semiconductor space rallied sharply in sympathy, especially Western Digital Corp (NASDAQ: WDC), Rambus Inc. (NASDAQ: RMBS), and onsemi (NASDAQ: ON). But are these gains warranted? Despite the industry's exuberance, each company still requires careful due diligence to separate substance from hype.
Western Digital: A Clean Complement to Micron’s Surge
Western Digital Corp. also rallied 8% on the day of the report, bringing its total year-to-date (YTD) gain to more than 200%.
Western Digital is now a pure hard disk drive (HDD) manufacturer following the SanDisk spinoff, and the same logic UBS applied to Micron’s HBM products also applies to Western Digital’s HDDs.
Hyperscalers are locking in long-term agreements, and the company’s production capacity through 2026 has already been claimed. The fiscal Q3 2026 earnings report on April 30 confirmed the bull thesis with a strong double beat, including 45% year-over-year (YOY) revenue growth and gross margins above 50%.
Several technical factors underpin WDC’s lengthy rally. The stock has strong support at the 50-day moving average, which has remained above the 200-day moving average for more than a year. A bearish crossover in the Moving Average Convergence Divergence (MACD) indicator briefly paused the rally, but a bullish reversal now appears to be underway as the stock makes new all-time highs.
Rambus: An Undervalued Logic Company Licensing Essential IP to Data Centers
Rambus is a classic “picks and shovels” play on the memory storage theme.
The company develops memory-interface systems that enable the GPU and memory stack to communicate within the data center mainframe, and it licenses them as IP.
High-margin licensing products that can be sold regardless of which memory company wins the design provide a steady, recurring revenue stream.
Additionally, the firm’s HBM4E Memory Controller, launched in April, is now the industry's fastest. The stock has surged more than 60% YTD but remains undervalued relative to peers in the AI space.
RMBS shares have been more volatile than WDC, but volatility is often the price investors pay for higher upside. The stock spent two months stuck in neutral, bouncing between the 50-day and 200-day moving averages as the Relative Strength Index (RSI) remained in bearish territory.
However, an April rally pushed the price above the 50-day moving average, and momentum improved when the RSI crossed above 50 into bullish territory. The 50-day moving average now appears to be support, which bodes well for future upside potential.
onsemi: Sympathy Rally Without the Substance
onsemi also rallied 9% on the day of the Micron report, but the UBS thesis doesn’t really apply here.
The company traditionally makes chips for the automotive and industrial markets, which are cyclical and not closely tied to the broader AI space.
onsemi has some data center business, but it accounts for only a small portion of the company’s total revenue. For example, the $797 million in Q1 automotive revenue was more than half of the company’s total Q1 2026 sales.
Management expects data center revenue to double YOY in 2026, but that still amounts to just $500 million out of a projected revenue base of more than $6 billion.
While the company has a compelling bull thesis of its own, it remains outside the Micron paradigm. And an almost 90% gain over the last three months has the stock looking frothy. The price is now well above trend, and the MACD is hinting that the bullish upswing is losing momentum. It might be a good time to take profits on ON shares.
Mirum Pharma: A Rare Disease Growth Story to Watch
By Chris Markoch. Published: 5/20/2026.
Key Points
- Mirum Pharmaceuticals posted strong revenue growth as its lead drug Livmarli continues gaining momentum.
- The company’s growing pipeline and commercial infrastructure could create multiple long-term growth opportunities.
- MIRM stock pulled back after earnings due to higher expenses and a convertible note offering, but analysts still see significant upside.
- Special Report: Elon Musk already made me a “wealthy man”
Mirum Pharmaceuticals (NASDAQ: MIRM) is a late-stage biotechnology company making significant progress toward its mission of fighting rare diseases with few or no treatment options. Mirum recently reported its Q1 2026 earnings, highlighted by 43% year-over-year (YOY) revenue growth.
In 2025, the company reported revenue of $521.3 million, up 54%, with its lead drug Livmarli responsible for $360 million, a 69% YOY increase. Mirum also has two other FDA-approved therapies—Cholbam for bile-acid synthesis disorders, and Ctexli for cerebrotendinous xanthomatosis, a rare genetic bile acid metabolism disorder.
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The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings research points to the first half of 2026 as a particularly rough stretch for certain holdings.
Some of America's most popular stocks could take serious damage as a radical market shift plays out. Analysts at Weiss Ratings have identified five names you may want to remove from your portfolio before this unfolds.
If any of these are in your portfolio, now is the time to review your positions.
See the 5 stocks to avoidThe company also raised its full-year revenue guidance to a range of $660 million to $680 million. At the midpoint, that would represent a YOY increase of 26%. However, since the earnings report, MIRM is down about 12% despite bullish analyst sentiment.
What Makes Mirum a Compelling Speculative Play?
Mirum's commercial story is unusual for a company that is not profitable: it already has three FDA-approved drugs generating real, growing revenue. As noted above, Livmarli remains the primary growth engine, with Q1 2026 net product sales of $159.9 million representing strong sequential momentum.
Livmarli is currently in a late-stage trial that could expand the drug’s label to include Alagille syndrome. Topline data from the Phase 3 study is scheduled for December.
Cholbam and Ctexli provide a revenue floor that single-asset biotechs don't have.
The pipeline adds additional future revenue opportunities:
Volixibat is in late-stage development for primary sclerosing cholangitis (PSC) and primary biliary cholangitis (PBC), two conditions with significant unmet need and sizable patient populations.
Brelovitug targets chronic hepatitis delta, and zilurgisertib is already under FDA regulatory review for fibrodysplasia ossificans progressiva—a debilitating and currently untreatable rare bone disease.
Any one of these approvals could meaningfully expand the company's addressable market. Right now, Volixibat is the furthest along. On May 4, 2026, Mirum reported that the primary endpoint was met in the VISTAS Phase 2b study.
Then there's the commercial infrastructure advantage. Mirum has spent years building relationships with the hepatologists and transplant specialists who treat rare liver disease patients. That distribution moat is expensive to replicate and gives new pipeline drugs a faster path to adoption than a typical commercial-stage launch would suggest. For investors willing to wait, that foundation is the real asset.
Why Is MIRM Dropping?
The simple reason for MIRM's decline is that this is still a mid-cap company that is not profitable and, although revenue is growing, is still in the early stages. Short sellers are reacting to a specific data point in the earnings report: the company’s operating expenses were much higher in the quarter ($949 million) due mostly to one-time costs associated with its acquisition of Bluejay.
This highlights the primary risk with Mirum and many biotech stocks. The company needs to turn positive trial data into durable, reimbursed revenue. Mirum is doing that; now it must show that the revenue can grow in a way that makes the company profitable.
To that end, management said that its research and development (R&D) is funded and that it expects to be operating cash flow positive next year, with GAAP profitability by 2028.
However, the more complex answer comes from the company’s proposal to offer $600 million in convertible senior notes due 2032. The announcement included an overallotment option for an additional $90 million and was offered in a private placement to qualified institutional buyers.
On the surface, there’s nothing too alarming about the announcement, nor will it necessarily be dilutive. And bullish investors can speculate that some of the money may go toward additional acquisitions of revenue-generating drugs.
The Post-Earnings Dip Can Be a Buyable Opportunity
Retail investors who bought MIRM around the time it went public in 2019 have benefited from the company’s strong growth. In fact, over the past five years, MIRM is up more than 450%, including approximately 115% growth in the past 12 months.
It's a reminder that investors with patience and conviction can be rewarded when these companies execute, as Mirum certainly has. That raises the question of how much upside is still out there. The Mirum analyst forecasts on MarketBeat have a consensus price target of $137.08 as of May 19. That’s more than 40% above the stock’s price as of this writing.
Those ratings account for favorable topline readings for Maralizibat in late 2026. There’s also more upside in the company’s pipeline.
The catch? Short interest of around 17% means that there could be some selling pressure on any rally, even if it’s not central to Mirum’s bull case.
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