Micron Technology, Inc. (NASDAQ:MU) stock rose more than 6% on Tuesday as investors positioned ahead of its Sept. 30 earnings report and broader technology stocks strengthened.

The Nasdaq gained 0.40%, while the S&P 500 rose 0.16%.

• Micron Technology stock is among today’s top performers. What’s fueling MU momentum?

Micron Heads Into Earnings With Strong AI Demand

Micron enters its fiscal fourth-quarter report with strong AI-memory demand supporting growth.

Analysts expect the company to report $50.62 billion in quarterly revenue and adjusted earnings of $31.30 per share on Sept. 30, according to estimates.

CNBC’s Jim Cramer recently said he would hold Micron ahead of earnings, pointing to its valuation and calling the stock "incredibly cheap."

CXMT Emerges As Longer-Term Memory Threat

China’s CXMT plans to develop NAND technology after capturing 9.5% of global DRAM revenue, potentially adding another competitor for Micron.

However, CXMT’s plans for large-scale NAND production remain uncertain.

The near-term supply environment also remains tight, with TrendForce expecting NAND shortages to ease only in the second half of 2027.

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Micron Carries Significant ETF Exposure

Micron represents 8.78% of the iShares Semiconductor ETF (NASDAQ:SOXX), 8.86% of the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) and 8.87% of the State Street SPDR NYSE Technology ETF (NYSE:XNTK).

Significant inflows or outflows from these funds can translate into buying or selling of Micron shares.

MU Price Action

Micron Technology shares were trading higher by 6.33% at $1,080.75 at the time of publication on Tuesday, according to Benzinga Pro data.

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