Micron Technology (NASDAQ:MU) shares advanced 5% on Friday morning, adding to recent gains as strength across the memory chip sector continued in the wake of upbeat results and spending guidance from Taiwan Semiconductor Manufacturing Company (NYSE:TSM).
The stock also found support after board member Teyin Liu disclosed a sizable insider purchase totaling about $7.82 million. The buying marked a sharp increase in Liu’s stake, as he previously held roughly 2,700 shares before acquiring around 23,000 additional shares earlier this week.
According to regulatory filings, Liu — a semiconductor industry veteran who previously worked at TSMC — carried out the purchases on Tuesday and Wednesday.
The move comes as investor appetite for memory chipmakers remains strong, with the broader sector benefiting from optimism around semiconductor demand. Market participants have pointed to TSMC’s recent earnings performance and capital expenditure outlook as key factors underpinning positive sentiment across the industry.
Mizuho TMT specialist Jordan Klein noted that Micron’s pre-market jump of more than 6% following disclosure of the insider purchase highlights the bullish mood currently surrounding Micron and memory stocks more broadly.