Micron Technology just did something it’s never done before. The memory chipmaker’s stock closed with a market capitalization exceeding $1 trillion on May 26, making it only the second memory chip company, alongside Samsung, to hit that landmark valuation.
Shares surged as much as 19% intraday to approximately $891, driven by a UBS upgrade so aggressive it practically broke the analysts’ keyboards. The firm nearly tripled its price target for Micron from $535 to $1,625, the highest target on all of Wall Street.
What’s behind the trillion-dollar pop
UBS’s upgrade centered on the explosive demand for high-bandwidth memory, or HBM, the specialized chips that power the AI accelerators inside data centers. Micron’s HBM capacity is sold out through the end of 2026.
Micron’s HBM revenue approached nearly $2 billion in its most recent quarter, a figure that reflects the company’s aggressive ramp-up of its HBM3E products and the approaching rollout of HBM4. Long-term supply agreements with major AI infrastructure buyers have essentially locked in revenue streams that analysts like those at UBS believe will compound meaningfully.
