Key HighlightsMicron (MU) shares advanced approximately 1.6% during Friday’s premarket session to $895.50, bouncing back from Thursday’s declineSouth Korean chipmaker SK Hynix greenlit a $38.15 billion investment in new semiconductor fabrication plantsIndustry analysts note that significant new memory chip production capacity won’t be operational for at least 12 monthsStreet consensus anticipates Micron earnings per share of $31.24 and revenue of $50.72B for the upcoming report expected around Sept. 22MU shares have surged over 600% in the trailing twelve-month period; Wall Street’s mean price target stands at $1,548.86Shares of Micron Technology experienced an uptick during Friday’s premarket session following news that competitor SK Hynix had authorized substantial capital expenditure for new semiconductor manufacturing plants. MU advanced 1.6% to reach $895.50 ahead of the market open.Micron Technology, Inc., MUThis rebound followed Thursday’s challenging session, during which memory semiconductor stocks experienced selling pressure after quarterly reports from SanDisk and Western Digital. The Friday recovery seemed more closely tied to overall technology sector sentiment rather than company-specific developments.Nasdaq futures showed gains of 0.43% while S&P 500 futures advanced 0.18%, providing tailwinds for technology stocks with substantial market capitalizations.The board of SK Hynix authorized spending of 54.3 trillion won, equivalent to approximately $38.15 billion, designated for new manufacturing facilities in South Korea. While significant, this announcement follows an even larger commitment disclosed in June, when SK Hynix and Samsung revealed plans for combined expenditures totaling 800 trillion won, roughly $518.58 billion, aimed at developing new semiconductor production hubs in Korea’s southwestern region.SK Hynix’s American depositary receipts declined 0.8% during U.S. premarket hours. In its home market, the company’s shares dropped 4.9% during Friday’s Seoul trading session.The critical factor for memory semiconductor investors remains capacity timing. Large-scale chip manufacturing facilities require extended construction periods. Micron’s own $100 billion fabrication plant in New York, announced during 2022, isn’t anticipated to begin operations until 2030. Industry watchers expect no substantial new memory production capacity to become operational for at least another year, with additional facilities planned for 2028.This extended supply timeline continues supporting the optimistic investment thesis for Micron, particularly as demand for AI-related hardware maintains its growth trajectory.Chart Analysis and Key Price LevelsMicron currently trades marginally beneath its 20-day moving average of $893.35, and approximately 8.2% under its 50-day moving average of $971.96. The relative strength index registers at 47.66, indicating neutral price momentum.Upward price resistance appears near the $1,012 level. Downside support can be found around $891.50. Despite retreating from peaks reached in June, MU has delivered approximately 688% returns over the trailing twelve months.The long-term technical picture maintains a bullish configuration. The 50-day moving average continues trending above the 200-day moving average, with MU trading 67.8% higher than its 200-day moving average of $531.67.Wall Street’s Earnings OutlookMicron’s next quarterly financial report is scheduled for approximately September 22. Analyst consensus projects earnings per share of $31.24, representing substantial growth from $3.03 in the comparable year-ago quarter, alongside revenue expectations of $50.72 billion, contrasting with $11.31 billion reported in the prior-year period.The equity maintains a consensus Buy recommendation with a mean price objective of $1,548.86.Recent analyst activity includes Cantor Fitzgerald elevating its price target to $2,000 on June 29, while Keybanc increased its projection to $1,750 on July 14. Both firms maintain Overweight recommendations.Micron achieves a score of 99.62 on Benzinga’s momentum ranking system and 97.65 for quality metrics. Its value score of 36.97 lags behind other measurements, indicating the stock trades at a premium compared to industry peers.MU represents a significant position in multiple semiconductor-focused ETFs, including a 9.33% allocation in the Fidelity Disruptive Technology ETF and an 8.91% weighting in the Invesco PHLX Semiconductor ETF.The post Micron (MU) Stock Gains Momentum Following SK Hynix’s Massive $38B Chip Investment Announcement appeared first on Blockonomi.