Micron Technology crossed the $1 trillion market capitalization threshold on May 26, becoming the latest beneficiary of the AI investment boom. The memory chipmaker's stock surged roughly 18% in a single session, with shares peaking above $890 - a 10-fold increase over the past year.
The immediate catalyst was a price target upgrade from UBS analyst Timothy Arcuri, who tripled his target to $1,625, the highest on Wall Street. Arcuri cited significant demand changes for memory chips driven by AI adoption.
Modern AI systems, particularly those built around Nvidia's GPUs, require enormous amounts of high-bandwidth memory - or HBM - to function. Micron makes those chips, and all of its HBM production for 2026 is reportedly sold out.
Nvidia's partnership has been key in helping Micron pivot toward AI-focused memory production. SK Hynix also crossed the $1 trillion market cap mark amid surging demand for AI memory products.
Investor interest is visibly rotating from crypto assets toward AI and semiconductor stocks. Micron's milestone is the clearest evidence yet of that shift. The risk: memory remains a cyclical business, and today's sold-out production could become tomorrow's oversupply if AI spending slows.