On June 25, 2026, driven by earnings that beat expectations and strong AI storage demand, U.S. memory chip leader Micron Technology (MU) surged more than 18% intraday. Its share price touched $1,236, and its market cap climbed to about $1.398 trillion—surpassing Meta Platforms (about $1.392 trillion) for the first time in history. It also briefly came close to Tesla (about $1.4 trillion), landing among the world’s top companies by market capitalization.

This jump was fueled by Micron’s explosive performance in the third quarter of fiscal year 2026. Revenue surged year over year to $41.46 billion, and gross margin rose to 84.6%. At the same time, the company issued revenue guidance for the fourth fiscal quarter of approximately $50 billion, far above market expectations, and disclosed that customers have signed long-term purchase commitments totaling $22 billion to lock in HBM high-bandwidth memory and DRAM supply. Wall Street interpreted this as a clear sign that demand for AI compute infrastructure remains strong and that the storage supercycle is continuing.

Notably, Micron’s market cap only crossed the $1 trillion mark for the first time on May 26 this year. In less than a month, it managed to overtake Meta. Its cumulative gain for the year so far exceeded 300%, making it the best-performing component stock in the Philadelphia Semiconductor Index. Analysts said that as demand for high-bandwidth memory grows exponentially due to large-model training and inference, Micron—an HBM core supplier for industry giants such as NVIDIA, Amazon, and Microsoft—is being revalued from a cyclical memory manufacturer to a key beneficiary of AI infrastructure. Going forward, investors should watch for volatility risks stemming from changes in supply-demand balance and the pace at which the industry expands capacity.