This article first appeared on GuruFocus.
Micron Technology (NASDAQ:MU) shares jumped 11.2% at 10.30 a.m. ET on Wednesday, November 11, in regular trading, as CoreWeave's beat-and-raise quarter revived the memory trade. Anthropic's amended IPO filing also listed Micron for a $1 billion slice of its concurrent private placement.
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The bounce follows a roughly 25% drop over the past month, and Bank of America removed Micron from its US 1 List on November 10, according to 24/7 Wall St. CoreWeave lifted the low end of its 2026 capital spending range to $37 billion to $39 billion and reported a $132.5 billion backlog, a direct read-through for DRAM and high-bandwidth memory demand.
Anthropic's filing allocates Micron 13,513,513 shares at the $74 midpoint.
The $1 billion stake is about 0.1% of Micron's roughly $880 billion market value, so the story remains pricing and supply discipline. A month-long 25% drawdown shows how fast memory sentiment can turn, even with backlogs this large. GuruFocus scores Micron 96/100, with a GF Value Rank of 10/10, Financial Strength 9/10, Profitability Rank 9/10 and Momentum Rank 6/10.
At $778.07, the shares trade 7.0% below GuruFocus's GF Value of $836.28, which GuruFocus labels "Modestly Undervalued." The next test is Micron's fiscal first-quarter guidance on memory pricing.
