Micron Technology closed with a market capitalization exceeding $1 trillion on May 26, a first for the memory chipmaker and making it only the second memory chip company-alongside Samsung-to achieve that valuation. Shares surged up to 19% intraday to about $891 after UBS nearly tripled its price target from $535 to $1,625, the highest on Wall Street.
The upgrade was driven by explosive demand for high-bandwidth memory (HBM), specialized chips powering AI accelerators in data centers. Micron’s HBM capacity is sold out through 2026, with HBM revenue approaching $2 billion in its most recent quarter. Long-term supply agreements with major AI infrastructure buyers have locked in revenue streams that analysts expect to compound significantly.
Crossing $1 trillion puts Micron alongside Nvidia, Apple, Microsoft, and a few others. Year-to-date, its stock has ranged from 40% to 208% gains as sentiment shifts toward memory as an AI play.
However, risks remain. SK Hynix and Samsung are investing heavily in next-generation memory, and any shift in technology leadership could reshuffle market share. Micron’s ability to maintain its sold-out status through 2026 will be the key metric to watch.