Memory chip giant Micron Technology has surpassed Meta Platforms in market valuation for the first time, driven by a robust AI-fueled surge. Strong fourth-quarter revenue and profit projections, coupled with $22 billion in customer commitments for chip supplies, have propelled Micron's shares to new heights, signaling a significant shift in the tech landscape.

Micron stock is trading in record high territory as the memory-chip maker benefits from huge demand from AI data centers.

Micron said demand for AI memory chips is higher than supply and is likely to stay that way for years.