Micron Technology (MU) shares climbed nearly 5% on Monday after the memory maker unveiled a strategic deal with Anthropic covering chip design, long-term supply, and an equity investment in the AI lab. The announcement landed two days before Micron reports fiscal third-quarter results. The partnership includes co-engineering memory and storage subsystems for AI training and inference, a multi-year supply arrangement across Micron's data center portfolio covering high-bandwidth memory, DRAM, and solid-state drives, and a strategic stake in Anthropic's Series H round. Anthropic's run-rate revenue crossed $47 billion in May, and its latest raise valued it at $965 billion. Micron also uses Claude internally to accelerate engineering and coding work. Micron's MU shares rose nearly 5% intraday, extending a rally built on booming AI memory demand. Micron set an all-time high above $1,130 on June 18, and the stock has more than tripled in 2026, now trading above that record at $1,192 ahead of Wednesday's earnings release. Deutsche Bank's Melissa Weathers raised her price target to $1,500 from $1,000 on June 17, and TD Cowen's Krish Sankar matched that figure, citing a projected 2027 earnings per share of roughly $150. Both analysts expect the memory shortage to run well into 2028.