Micron Technology jumped nearly 23% intraday on May 26 before closing up more than 19% at $895.88, reaching an all-time high. The rally briefly catapulted the Boise-based semiconductor firm's market capitalization above $1 trillion, placing it among the largest technology companies globally. In after-hours trading, shares continued their ascent toward $920, according to BeInCrypto.
The breakout underscores the market's growing appetite for memory chip makers as hyperscalers and AI model developers race to expand compute infrastructure. While the report did not cite specific revenue or earnings figures, Micron's record valuation aligns with surging demand for high-bandwidth memory (HBM) used in NVIDIA's AI accelerators.
Regulatory tailwinds remain mixed. The CHIPS Act continues to provide subsidies for domestic fab construction, but U.S. export controls on advanced semiconductor technology to China introduce overhead costs and limit certain addressable markets. Micron, which faced regulatory headwinds in China last year, has yet to see those restrictions fully lifted.
The $1 trillion market cap milestone, even if fleeting, places Micron in rarefied company alongside Apple, Microsoft, and NVIDIA. The firm's valuation relative to the broader semiconductor sector has expanded sharply, though it remains more volatile than large-cap peers due to the cyclical nature of DRAM and NAND pricing.
Some analysts remain cautious, arguing Micron's forward price-to-earnings multiple may already price in several quarters of peak-cycle demand. A pullback in AI infrastructure spending or a glut in memory supply could compress margins quickly, they warn. The long-term case hinges on whether AI-driven demand proves structural rather than cyclical.