Micron Technology crossed the $1 trillion market cap threshold on May 26, making it the latest semiconductor company to join the trillion-dollar club. The milestone came just 48 days after Micron hit $500 billion. For context, Nvidia took 490 days to make the same journey.
Micron shares surged approximately 18-19% on the day, closing in the range of $886 to $896 per share. The catalyst was a price target upgrade from UBS analyst Timothy Arcuri, who set a new target of $1,625.
The jump vaulted Micron to roughly the 11th-largest U.S. public company by market value, putting the Boise, Idaho-based chipmaker in an elite group of about a dozen firms sporting trillion-dollar-plus valuations.
The driving force behind Micron’s ascent is high-bandwidth memory, or HBM - specialized memory chips that sit next to AI processors, feeding them data fast enough to keep up with the enormous computational demands of training and running AI models. Competitors SK Hynix and Samsung Electronics are reportedly approaching the $1 trillion valuation threshold as well, driven by the same AI-related demand dynamics.
Tokenized versions of Micron stock have appeared on Ondo Finance, trading under tickers MUon and MUON. These products allow investors to gain on-chain exposure to Micron’s equity performance without holding traditional brokerage accounts.
Micron is one of only three companies capable of manufacturing HBM chips at scale, alongside SK Hynix and Samsung. SK Hynix has been Nvidia’s preferred HBM supplier for its current-generation chips, and Samsung is investing heavily to close the gap. Micron’s ability to maintain or grow its share of the HBM market will determine whether this valuation holds.