Micron (MU) Surges 8.7% on June 18 as Apple (AAPL) Cites Rising Chip Costs for iPhone Price Hikes

Micron Technology (MU) stock surged 8.7% to a new record high on June 18, 2026, after Apple (AAPL) CEO Tim Cook indicated iPhone prices would increase. Cook stated the price adjustments are necessary to offset significantly rising costs for memory and storage chips, underscoring robust demand for these components. Micron closed at $1,133.99, marking its 35th record close this year. The stock has climbed nearly 300% since the start of 2026, pushing its market capitalization close to $1.3 trillion. Cook's comments, made in an interview published June 17, 2026, highlighted that price increases are "unavoidable" due to suppliers' substantial cost transfers. AI-driven demand for memory in data centers has also contributed to investors re-evaluating Micron's valuation.