Micron overtakes Meta in market value as AI boom fuels rally
Micron Technology ’s market value surged past that of Meta Platforms and ahead of Tesla on Thursday, as investors responded positively to the company’s latest outlook and growing exposure to the artificial intelligence sector. The memory chipmaker’s shares skyrocketed 18.4% to $1,236, lifting its market capitalisation to $1.398 trillion, placing it aboveMeta, which was valued at $1.392 trillion, while Tesla stood at $1.4 trillion.
The strong performance came after Micron’s fourth-quarter forecast released a day earlier, in which the company projected stronger revenue and profit. The company also revealed that customers have committed $22 billion to secure future supplies of memory chips, helping to ease concerns after a recent decline in its share price.
Micron became a trillion-dollar company on May 26 as enthusiasm around artificial intelligence continued to drive investment into companies supplying key technologies for the sector. The milestone came after Samsung Electronics also joined the trillion-dollar club.
The company’s rise comes amid increasing demand for memory and storage products required to build and operate AI systems. Developers are expanding data-centre infrastructure and seeking long-term access to critical hardware, while memory manufacturers are benefiting from demand for high-bandwidth memory and storage solutions used in AI training and deployment.
Earlier this week, Micron announced a new agreement with Anthropic covering the supply of memory and storage products. The deal also includes a strategic investment by Micron in Anthropic’s latest funding round ahead of the AI company’s planned stock market debut.
As part of the partnership, the two companies will examine how memory and storage technologies perform across AI workloads and how they interact with broader infrastructure systems.
The strong performance came after Micron’s fourth-quarter forecast released a day earlier, in which the company projected stronger revenue and profit. The company also revealed that customers have committed $22 billion to secure future supplies of memory chips, helping to ease concerns after a recent decline in its share price.
Micron became a trillion-dollar company on May 26 as enthusiasm around artificial intelligence continued to drive investment into companies supplying key technologies for the sector. The milestone came after Samsung Electronics also joined the trillion-dollar club.
The company’s rise comes amid increasing demand for memory and storage products required to build and operate AI systems. Developers are expanding data-centre infrastructure and seeking long-term access to critical hardware, while memory manufacturers are benefiting from demand for high-bandwidth memory and storage solutions used in AI training and deployment.
Earlier this week, Micron announced a new agreement with Anthropic covering the supply of memory and storage products. The deal also includes a strategic investment by Micron in Anthropic’s latest funding round ahead of the AI company’s planned stock market debut.
As part of the partnership, the two companies will examine how memory and storage technologies perform across AI workloads and how they interact with broader infrastructure systems.
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