Micron Technology (MU) achieved a significant milestone, reaching a market capitalization of $1 trillion on Tuesday, spurred by soaring demand for artificial intelligence (AI) technologies. The company’s shares have surged over 200% this year, easily outpacing NVIDIA Corporation’s (NVDA) roughly 15% gain. Micron’s rising popularity is tied to an ongoing global memory shortage that has strengthened its pricing power.
The demand for high-bandwidth memory (HBM) chips is a key driver of Micron’s growth, as hyperscalers invest heavily in AI infrastructure. Micron expects its revenues to rise from $23.86 billion in the fiscal second quarter of 2026 to $33.5 billion in the fiscal third quarter, fueled by constraints in supply that are anticipated to continue throughout the year. The company also projects a healthy gross margin of around 81% for the upcoming fiscal third quarter.
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