Micron (MU 0.47%) stock is seeing a substantial bullish uptick in Monday's trading. The artificial intelligence (AI) memory-chip leader's share price was up 3.4% as of 3:15 p.m. ET. At the same point in the day's trading, the S&P 500 had risen 0.3%, and the Nasdaq Composite was up 0.5%.
Micron is gaining ground today thanks to hopes that the war with Iran could de-escalate. The stock has seen substantial volatility in recent months, but shares are still up roughly 33% year to date.
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Micron stock rises on Iran hopes
The broader market is climbing today, and Micron is benefiting from the bullish momentum. Over the weekend, President Donald Trump said that the U.S. would carry out major attacks on Iranian power plants and bridges if a deal to reopen the Strait of Hormuz were not reached by tomorrow night. Trump then gave a press conference today in which he stated that negotiations were underway with Iranian officials.
NASDAQ: MU
Key Data Points
What's next for Micron?
In the near term, Micron stock will likely continue to make significant moves in conjunction with war-related developments. While the stock is seeing significant gains today in response to hopes that the situation in Iran could begin to cool off, it remains to be seen whether a ceasefire deal with Iran and an agreement to reopen the Strait of Hormuz can actually be reached by tomorrow night.
If a deal is reached, Micron and other growth-dependent tech stocks could see a substantial bullish uptick. Alternatively, stocks could take a big hit if a deal is not reached and major strikes on Iranian infrastructure are carried out.
