On Monday, an X-based stock tracker, known for following the trades of Former House Speaker Nancy Pelosi (D-Calif), highlighted concerns over a well-timed purchase of Micron Technology Inc. (NASDAQ:MU) shares by Sen. John Fetterman (D-Pa.).
Micron’s Well-Timed Purchase
The tracker showed that Fetterman bought Micron shares for $321.80 on March 30, coinciding with the purchase date of what appears to have been a short-term bottom for the semiconductor giant. Since then, the stock has reportedly surged more than 60%.
The Pelosi tracker highlighted, “Coincidentally, that was the exact bottom, and he’s up +61%.”
Sen. Fetterman did not immediately respond to Benzinga’s request for comments.
The stock tracker also revealed that “Micron received $6.165B from the CHIPS Act, which is the largest award in the program. Fetterman sits on the Commerce Committee, which directly oversees CHIPS Act funding.”
Micron’s Rally Aligns with Broader Chip Stocks Surge
The spike comes amid the broader rally in semiconductor stocks driven by rising AI demand. The Philadelphia Semiconductor Index has done something it has never done before — logged 17 consecutive green trading sessions, surpassing the previous record of 15 set back in 2014.
Over that stretch, the index has surged roughly 42%, putting it on track for its largest monthly gain since the dot-com boom of February 2000.
Surging Demand Fuels Micron’s Market Dominance
This momentum is further supported by the recent performance of Micron, which is seen as a leader in the memory and storage sector alongside companies like Seagate Technology Holdings Plc (NASDAQ:STX), Sandisk Corp (NASDAQ:SNDK), and Western Digital Corp (NASDAQ:WDC), all benefiting from rising AI demand.
Continued investor enthusiasm is evident as Micron shares are trading just 20.8% above its 20-day simple moving average and 35.1% above its 100-day moving average, indicating strong demand and confidence in the stock’s potential.
Micron jumped roughly 47% in April, its biggest monthly gain since February 2001. Jim Cramer has characterized Micron as part of a “red-hot” segment fueled by surging demand for AI memory solutions. Cramer noted that AI’s need for substantial memory resources has led to a supply shortage, prompting aggressive buying behavior that keeps Micron shares near their 52-week highs.
Benzinga Edge Stock Rankings indicate that the MU has a Momentum score in the 99th percentile with a strong price trend in the short, medium and long term. It also has a solid Growth score in the 85th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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