Micron crosses $1 trillion market cap on AI memory demand; UBS lifts target to $1,625
Micron $MU crossed $1T market cap Tuesday, shares up 19%, its biggest one-day gain since 2011. UBS lifted its price target to $1,625 from $535, citing HBM capacity sold out through end of 2026. SK Hynix also passed $1T Wednesday. Source: CNBC
Micron Technology $MU crossed $1 trillion in market capitalization for the first time on Tuesday, with shares climbing 19%. According to CNBC, the move marked Micron's largest single-day gain since 2011. The rally was sparked by UBS, which raised its price target on the memory chip maker to $1,625 from $535. The bank cited long-term supply agreements with partially fixed pricing and said high-bandwidth memory capacity at Micron is sold out through the end of 2026 as AI data center demand keeps tightening supply. The trend extends across the memory complex. South Korea's SK Hynix also passed $1 trillion in market value on Wednesday, rising more than 13% in Seoul. Samsung Electronics, which makes consumer electronics and memory chips, crossed the same threshold earlier in May. Memory has become a critical bottleneck in the AI buildout. AI models require large pools of fast memory to train and serve data alongside Nvidia $NVDA and other accelerators, pushing demand for both HBM and conventional server memory. Source: CNBC