Micron Technology has officially entered the trillion-dollar club. The memory chip giant’s stock surged approximately 18% on May 26, pushing its market capitalization past $1T for the first time in the company’s history.
The catalyst: a significant price target upgrade from UBS that nearly tripled the bank’s previous target, implying a potential future valuation of roughly $1.8T.
The AI memory boom is real
The company specializes in DRAM and NAND memory technologies. More importantly, it has been aggressively expanding its production of high-bandwidth memory, or HBM, the specific type of memory that AI data centers are devouring at an unprecedented pace.
HBM chips sit right next to the processors made by companies like Nvidia, feeding them the data they need to run AI workloads.
