Micron Technology shares jumped 18.4% to $1,236, propelling the memory chipmaker’s market capitalization to $1.398 trillion.
The surge allowed Micron to briefly surpass both Meta Platforms and Tesla in total valuation, marking a significant shift in the hierarchy of US tech giants.
2 billion, exceeding Wall Street expectations amid a tightening supply of AI-focused memory chips.
The rally was driven by reports that net profit for the fiscal quarter leapt to $28.2 billion, exceeding Wall Street expectations amid a tightening supply of AI-focused memory chips.
The repricing reflects growing investor confidence that the structural shortage of high-bandwidth memory (HBM) will sustain elevated pricing power for Micron.
With data center demand continuing to outstrip supply, the market is rewarding companies with proven capacity to deliver on AI infrastructure needs.
The move underscores the sector's pivot from cyclical recovery to growth driven by artificial intelligence workloads.