Micron Technology just became the latest semiconductor company to cross the $1 trillion market capitalization mark. Shares surged 18% on May 26, pushing the stock into the $886-$890 range and vaulting the company into territory previously reserved for a handful of tech titans.
To put the speed of this ascent in perspective: Micron’s stock has risen roughly 700% over the past 12 months.
What’s driving the rally
The catalyst for the single-day spike was a bullish Wall Street upgrade that zeroed in on Micron’s central role in the AI infrastructure buildout. The thesis is straightforward: every GPU crunching AI workloads needs memory, and lots of it. High-bandwidth memory, or HBM, has become the bottleneck component in data center expansion, and Micron is one of a small number of companies that can manufacture it at scale.
Supply constraints have been equally important. With limited global capacity for cutting-edge memory production, Micron has enjoyed significant pricing power.
