$22 billion. That's the value of long-term customer agreements Micron signed in Q3 — locking in memory supply for data centers, automakers, and beyond. The chipmaker's stock surged 14-18% on Thursday, capping a 724% run over the past year. Investors are betting the memory cycle has structurally changed.

Money Moves

• Micron (MU) +14-18% — Revenue, margins, and guidance all crushed estimates. Bank of America raised its price target to $1,550,...