10 times faster than Nvidia, $MU 's market value surpasses one trillion dollars in just 48 days

On May 26, Micron Technology ($MU) stock soared about 19% in a single day, with market capitalization breaking through $1 trillion for the first time.
The trigger was UBS analyst Timothy Arcuri raising the target price from $535 to $1,625, the highest among 46 analysts covering Micron on Wall Street. This target price implies more than doubling from last Friday’s closing price of $751.
According to Dow Jones market data, Micron took only 48 trading days to go from $500 billion to $1 trillion, while Nvidia took about 490 days to reach the same milestone, Apple about 1,520 days, and Berkshire Hathaway about 1,580 days. Micron’s speed is 10 times that of Nvidia.
UBS’s core judgment is that AI-driven long-term supply agreements (LTA) lock in production and partially fix prices. Micron is shifting from cyclical commodity stocks to structural growth stocks, “with no reason not to trade at a similar P/E level as Nvidia.”
According to UBS forecasts, Micron’s earnings per share (EPS) for fiscal years 2027 to 2029 will exceed $100. Even at an intraday high of about $891, the forward P/E ratio is only about 8.4, compared to roughly 21 for the S&P 500 overall.
Supporting this curve is the most severe supply-demand imbalance in storage chips in over 40 years. Data centers are expected to consume 70% of global storage chip output by 2026, HBM capacity is sold out through 2027, and prices for DRAM and NAND surged over 90% in Q1 2026.
Micron CEO Sanjay Mehrotra said, “AI not only increases demand for storage but fundamentally redefines storage as a key strategic asset in the AI era.”
A year ago, Micron’s market value was about $107 billion; now it has increased nearly 10 times. It rose about 80% a month ago, and since the low at the end of March, it has gained 180%, contributing a market value increase almost comparable to Amazon in the same period.
Notably, Nvidia was absent from this rally. The Philadelphia Semiconductor Index and Nvidia’s stock price showed a rare significant divergence, with storage and equipment stocks taking over the AI semiconductor rally.
Micron accounts for only about 1.5% of the S&P 500 weight, far below the over 6% of each of the “Big Seven,” but on May 26, its contribution to the index exceeded that of any of the seven giants.
Micron is the only U.S.-based company among the world’s three major memory chip manufacturers (the other two are SK Hynix and Samsung from South Korea).
On the prediction market platform Kalshi, the probability of the U.S. government taking a stake in Micron in 2026 has reached 40%.