Micron Technology crossed the $1 trillion market cap threshold on May 26, closing at roughly $891 per share after a staggering 19% single-day surge.
The catalyst was a UBS upgrade that nearly tripled the firm’s price target for Micron, from $535 to $1,625, now the highest on Wall Street. The reasoning was straightforward: high-bandwidth memory (HBM) chips have become the bottleneck in the AI infrastructure buildout.
Micron's HBM capacity is fully sold out through the end of 2026, according to the UBS analysis. The company's most recent quarterly HBM revenues came in at approximately $2 billion.
The trillion-dollar milestone makes Micron only the second memory chipmaker to reach that valuation, joining Samsung.
Every major cloud provider-from Microsoft to Google to Amazon-is racing to build out AI data center capacity. Micron, alongside SK Hynix and Samsung, is one of only three companies capable of manufacturing HBM at scale.
There is also a crypto angle: the tokenized version of Micron stock, known as MUON and created by Ondo Finance, has seen increasing on-chain buying pressure. This allows investors to gain exposure to Micron shares without leaving the blockchain ecosystem.
Risk remains: Memory chips are cyclical, and the current supply shortage could reverse if AI spending slows or if competitors ramp production faster than expected.