Does "read" in the Prophet's saying: "Read the Quran, for it will come as an intercessor for its companions on the Day of Resurrection. Read the two bright ones, Surah Al-Baqarah and Surah Al Imran," mean memorization or merely recitation?

The command to recite the Quran includes recitation from the Mushaf (physical copy) and by heart. The intention is continuous and consistent recitation, because "its companions" (أصحابه) implies those who are constant in its company.

So, whoever recites the Quran and acts upon its dictates will attain Allah's pleasure and His Paradise, and the Quran will intercede for its companions, whether they have memorized it or recite from the Mushaf.

However, mere recitation of the Quran is not enough for intercession; one must also act upon it, because the "People of the Quran" (أهل القرآن) are those who act upon it. Otherwise, the Quran would be a proof against its owner.

This does not preclude being keen on memorizing the Quran due to its distinct merit.