Micron Technology tops $1 trillion market cap, drives AI memory boom

U.S. chipmaker Micron Technology broke the $1 trillion market‑value threshold as its shares surged to new highs while remaining relatively inexpensive. The rally is linked to soaring demand for high‑bandwidth memory (HBM) that underpins artificial‑intelligence models, prompting analysts to view storage chips as “strategic capital” rather than a commodity. In the second quarter, Micron reported revenue of about $24 billion and earnings of roughly $14 billion, well ahead of expectations, and projected full‑year revenue of $33.5 billion with earnings per share above $19. The company announced a $25 billion capital spend for the current fiscal year, with an additional $10 billion planned for the next year to expand production capacity. UBS lifted its price target for Micron from $535 to $1,625, further fueling investor enthusiasm. Chinese authorities have placed restrictions on Micron, adding a geopolitical dimension to the firm’s rapid growth.