Micron Technology surpassed $1 trillion in market value for the first time Tuesday, capping a dramatic rally that cements the memory chipmaker as a key beneficiary of the artificial intelligence boom.
Shares surged 18% to a record high of $886.60 after UBS raised its price target to $1,625, the highest among 46 brokerages covering the stock.
This milestone underscores memory chips' essential role in AI infrastructure. Unlike Nvidia, which makes the processors that train and run AI models, Micron produces the chips that store and move data. The company's rise gives the U.S. a strong contender in a memory-chip race long dominated by Asia, particularly South Korea's Samsung Electronics and SK Hynix.
Micron has said its entire 2026 supply of high-bandwidth memory chips is already sold out-a clear sign demand is outstripping capacity. Its next-generation HBM4 products are now in production.
Shares have jumped more than eightfold in the last 12 months, driven by strong earnings and supply constraints that give the company pricing power. About 2,440 institutions disclosed new positions in Micron in the first quarter, including Rockefeller Capital Management and Schroders.
The achievement marks a sharp rebound from the post-pandemic period, when memory chipmakers struggled with oversupply as demand for PCs and smartphones weakened.
Micron trades at 8.42 times expected earnings, compared with 22.15 for the S&P 500 and 26.23 for the Nasdaq 100.