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 for the first time, marking a significant milestone in the ongoing repricing of AI infrastructure stocks.
The rally was driven by a revenue forecast that exceeded Wall Street expectations, signaling sustained strength in demand for high-bandwidth memory and other chips critical to artificial intelligence data centers.
Investors rewarded the company’s guidance, viewing it as confirmation that the AI build-out cycle remains robust despite broader macroeconomic uncertainties.
The move contributed to a broader surge in global semiconductor equities, as investor confidence in the AI sector rebounded following strong financial results from key US manufacturers.
The broad-based rally highlighted a shift in market leadership, with hardware suppliers gaining ground on software and platform giants.