Micron Technology’s (MU) market capitalization has reached $1 trillion U.S. for the first time as a rally in stocks of memory chip makers continues.
Micron crossed the $1 trillion U.S. milestone as its share price rose 19% on May 26, driven by artificial intelligence (A.I.) demand for the company’s memory chips.
The stock surged after Swiss bank UBS (UBS) tripled its price target on the stock from $535 U.S. to $1,625 U.S. a share, citing long-term opportunities for the company.
The new price target suggests that Micron’s stock could more than double from its recent highs.
Micron is among a select group of chipmakers that’s benefiting from the next stage of the A.I. buildout. Investors are buying stocks tied to memory that is needed to run agentic workloads.
There is also a global shortage of memory chips, putting the products of Micron and others in even more demand.
Earlier in May, Micron’s market valuation surpassed $700 billion U.S. for the first time. The company has now become one of the most valuable U.S. technology firms.
MU stock has risen 830% in the last 12 months to trade at $895.88 U.S. per share currently.
