10 times faster than Nvidia — $MU ’s market value tops $1 trillion in just 48 days

On May 26, Micron Technology ($MU) saw its stock price surge by about 19% in a single day, with its market value crossing $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 the 46 Wall Street analysts covering Micron. This target price implies that, based on last Friday’s closing price of $751, there is more than double upside.
According to Dow Jones market data, it took Micron just 48 trading days to move 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 pace is 10 times Nvidia’s.
UBS’s core view is that AI-driven long-term supply agreements (LTA) lock in output and partially fix prices. Micron is shifting from cyclical commodity stocks to structural growth stocks. “There’s no reason not to trade at a similar P/E level as Nvidia.”
Based on UBS forecasts, Micron’s earnings per share for fiscal years 2027 to 2029 will exceed $100. Even using an intraday high of about $891, the forward P/E is only about 8.4x, versus roughly 21x for the S&P 500 overall.
Supporting this trajectory is the worst supply-demand imbalance in storage chips in more than 40 years. Data centers are expected to consume 70% of global storage chip output in 2026, HBM capacity is already sold out through 2027, and DRAM and NAND prices surged by more than 90% in 2026 Q1.
Micron CEO Sanjay Mehrotra said, “AI not only increases demand for storage—it fundamentally redefines storage as a key strategic asset in the AI era.”
A year ago, Micron’s market cap was about $107 billion; today it’s nearly 10 times higher. It jumped about 80% one month ago, and since the low at the end of March, the gain has reached 180%. Over the same period, the incremental market-cap contribution to the S&P 500 is nearly comparable to that of Amazon.
Notably, Nvidia was absent from this rally. The Philadelphia Semiconductor Index and Nvidia’s share price showed a rare and significant divergence, with storage and equipment stocks taking over the baton of the AI semiconductor rally. Micron accounts for only about 1.5% of the S&P 500’s weight, far below each of the “Magnificent Seven,” which are all above 6%, but on May 26, its contribution to the index exceeded that of any of the seven.
Micron is the only U.S.-based company among the world’s three largest memory chip manufacturers (the other two are SK Hynix and Samsung from South Korea). On the prediction market platform Kalshi, the probability that the U.S. government will take a stake in Micron in 2026 has reached 40%.