Micron Tops Meta, Tesla in Market Cap on AI Memory Boom
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- Micron Technology shares jumped 18.4% to US$1,236 on Thursday, pushing its market cap to US$1.398-trillion — surpassing Meta's US$1.392-trillion and briefly overtaking Tesla's US$1.4-trillion valuation.
- Micron's Wednesday fourth-quarter revenue and profit forecasts reversed a recent stock slump after the company disclosed customers had committed US$22-billion to lock in memory chip supplies.
- Micron first crossed the US$1-trillion market-cap threshold on May 26, joining Samsung Electronics as memory chipmakers elevated by Big Tech's mega AI spending plans.
- The valuation jump comes as memory chipmakers broadly benefit from investor appetite for AI infrastructure plays, with Samsung having entered the trillion-dollar club just ahead of Micron.
Why it matters: Micron leapfrogging Meta and briefly Tesla — two of the market's bellwether tech names — places memory chips at the center of the AI cap-table hierarchy. The US$22-billion in customer commitments signals that AI-driven memory demand has translated into locked-in revenue, not just narrative momentum, validating Micron's ascent from a US$1-trillion valuation on May 26 to US$1.398-trillion within weeks.
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