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U.S. stock markets were set to build on record highs Wednesday, with Micron $MU +19.29% Technology stock continuing to climb after crossing the $1 trillion market capitalization threshold for the first time on Tuesday, according to CNBC.
Early Wednesday, Nasdaq $NDAQ -0.14% 100 futures climbed 0.49%, Dow Jones Industrial Average futures advanced 227 points, equivalent to 0.45%, and S&P 500 futures ticked up 0.3%. Tuesday's close saw the Nasdaq and S&P 500 notch new intraday and closing highs, with the latter finishing up 0.61% and the former rising 1.19%, though the Dow slipped 118 points, or 0.23%.
Premarket Wednesday, Micron shares were advancing more than 5%, building on Tuesday's 19% leap that pushed the company past the $1 trillion valuation milestone for the first time, according to CNBC. The stock has roughly tripled in value over the course of this year. South Korean chipmaker SK Hynix also crossed the $1 trillion market cap mark overnight, according to The Wall Street Journal.
Memory chipmakers have become a preferred vehicle for AI-driven investment, according to CNBC. A bullish UBS note, which argued that long-term procurement deals tied to AI buildout could push the stock to more than twice its current price, helped lift Micron's shares on Tuesday, according to CNBC.
