Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Micron Technology (Nasdaq: MU) have popped today, enjoying gains as high as 11%, after Japanese rival Elpida Memory filed for bankruptcy.

So what: Both companies are in the memory chip market, which has been plagued by low prices, and Elpida wasn't able to secure more capital. Elpida was the recipient of a bailout back in 2009 that was funded by a state bank and private lenders, but wasn't so lucky this time around.

Now what: Elpida's failure may help relieve some of the oversupply and excess capacity within the DRAM market, and some analysts even think Micron could acquire some of its fallen foe's assets on the cheap. For example, Micron could use Elpida's facilities to produce more NAND flash, a mainstay of all mobile devices nowadays. Even without any possible bargain-bin shopping, the development should be a positive catalyst for prices in the DRAM market, which would certainly benefit Micron.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.