Micron Technology crossed the $1 trillion market capitalization threshold on May 26, making it the latest beneficiary of an AI-fueled investment frenzy. The memory chipmaker’s stock surged roughly 18-19% in a single trading session, with shares peaking above $890.
To put that in perspective, Micron’s stock value has increased approximately 10-fold over the past year.
What sparked the surge
The immediate catalyst was a price target upgrade from UBS analyst Timothy Arcuri, who tripled Micron’s target to $1,625, the highest on Wall Street. Arcuri pointed to what he described as significant alterations in demand for memory chips driven by AI adoption across industries.
Modern AI systems, particularly those built around Nvidia’s powerful GPUs, require enormous amounts of high-bandwidth memory (HBM) to function. Micron makes those chips.
