Micron Technology shares surged in Thursday’s trade after the memory-chip maker delivered strong fiscal third-quarter results and issued a robust outlook. The performance offered fresh signs that AI-led investments are generating healthy returns, helping ease valuation concerns.
The company’s shares were last up 17% at $1,255, giving it a market capitalisation of $1.398 trillion. Micron’s valuation has now surpassed Meta Platforms’ market capitalisation of $1.392 trillion, while Tesla’s market value stood at around $1.4 trillion, as per Reuters.
Micron’s fourth-quarter revenue and profit forecasts on Wednesday helped shares reverse a recent slump, with the company disclosing its customers had committed $22 billion to lock in supplies of memory chips.
The chip company topped $1 trillion in market value on May 26, following the entry of South Korea’s Samsung Electronics into the club, as memory chipmakers benefit from investor appetite for beneficiaries of Big Tech’s mega AI spending plans.
