Updated

Micron's stock has turned into a closely watched 'battleground' trade as investors reassess the durability of AI-driven memory-chip demand. A UBS analyst argued there remain reasons for optimism on that demand outlook, even as broader sentiment around the AI trade has grown more mixed. The debate over Micron reflects wider market questions about whether AI-related capital spending and chip demand can sustain the rally that has powered semiconductor stocks over the past year.