Today’s Top Stories: AI Memory Stocks Surge, Goldman Raises S&P 500 Target, Space Stocks Rally

TLDR

• Micron Technology surged 19.3% to $895.88 after UBS raised its price target to $1,625, pushing its market cap above $1 trillion
• SK Hynix crossed a $1 trillion market cap for the first time as memory chip prices doubled in the first quarter
• Marvell Technology rose over 5% ahead of earnings, supported by its role in AI networking and custom silicon
• Abercrombie & Fitch beat profit estimates at $1.47 per share despite slightly missing its sales target
• Goldman Sachs raised its year-end S&P 500 target to 8,000, with AI companies expected to drive about half of this year’s earnings gains

Micron Technology, SK Hynix, Marvell Technology, Abercrombie & Fitch, and Goldman Sachs all made headlines on May 26. The day was dominated by AI memory stocks, retail earnings, and a bullish call on the broader market.

Here is a breakdown of every major story.

Micron Technology Surges 19% to Record High

Micron Technology had one of its best single sessions on record. UBS raised its price target from $535 to $1,625, and shares closed up 19.3% at $895.88.

That move pushed Micron’s market cap above $1 trillion for the first time. UBS cited long-term customer agreements, tight memory supply, and growing demand from artificial intelligence as key reasons for the upgrade.

AI data centers require large volumes of DRAM, NAND, and high-bandwidth memory to train and run large language models. If memory stays undersupplied, analysts expect stronger pricing and higher margins for chipmakers.

SK Hynix Crosses $1 Trillion Market Cap for the First Time

SK Hynix crossed the $1 trillion market cap level for the first time on the same day. Shares rose 9.3% as investor demand for AI memory stocks continued to build.

Reuters reported that memory chip prices doubled in the first quarter. Analysts expect further price increases in the second quarter.

The South Korean chipmaker has been a direct beneficiary of the AI infrastructure buildout. Its high-bandwidth memory chips are used in Nvidia’s most advanced AI processors.

Both Micron and SK Hynix crossing $1 trillion on the same day marks a shift in how investors are approaching the AI trade. Memory is now seen as one of the most important bottlenecks in the AI data center buildout.

Marvell Technology Rises Ahead of Earnings

Marvell Technology rose more than 5% on May 26, trading around $207. The company makes custom chips, optical networking equipment, and data center connectivity products.

Investors are waiting on upcoming earnings to see whether results can support the stock’s recent run. Fast networking and high-speed data movement are critical parts of how modern AI data centers function.

Marvell gives investors another way to play the AI infrastructure buildout beyond the biggest chip names. Custom silicon and optical connections are becoming more important as data center demands grow.

Abercrombie & Fitch Beats on Profit Despite Missing Sales Target

Abercrombie & Fitch reported adjusted earnings of $1.47 per share, beating analyst estimates of $1.28. Net sales came in at $1.11 billion, slightly below forecasts.

Shares rose anyway as investors focused on the profit beat and the company’s reaffirmed full-year outlook. The result shows how selective the retail market has become, with margins and guidance mattering more than top-line sales numbers.

Goldman Sachs Raises S&P 500 Target to 8,000

Goldman Sachs raised its year-end S&P 500 target to 8,000, up from 7,600. The firm expects S&P 500 earnings of $340 in 2026 and $385 in 2027.

Goldman said AI infrastructure companies are expected to drive about half of this year’s total earnings gains. The call supports a broader bull case for stocks even with ongoing consumer spending pressure.

Space Stocks Rally on SpaceX IPO Excitement

Rocket Lab, AST SpaceMobile, and Redwire all gained on excitement around a potential SpaceX IPO, NASA moon program activity, and short-squeeze dynamics.

Some analysts have flagged stretched valuations in the sector, drawing comparisons to the EV bubble. Still, the sector remains one of the most active speculative areas of the market right now.

The day’s action reflected a market still focused on three main themes: AI memory, AI infrastructure, and high-growth space stocks. Across all three areas, valuations and expectations continue to rise.

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