tech
Micron zooms past $700 billion market cap as rally in memory stocks accelerates
Micron has emerged as one of the most valuable U.S. tech companies thanks to insatiable demand for memory that's needed in AI chips.
TL;DR
- Micron's shares surged 11%, increasing its market cap to over $700 billion.
- The company's stock is up 124% this year and nearly 700% in the past 12 months.
- The AI boom has created insatiable demand for memory, leading to a global shortage.
- Micron, SK Hynix, and Samsung dominate the memory market.
- Sandisk, a NAND memory maker, also saw a significant stock jump.
- Micron has started shipping its largest solid-state drive, offering improved capacity and lower power demands for data centers.
- Memory makers are struggling to meet demand, with customers receiving only a fraction of their requirements.
- Micron's CEO is Sanjay Mehrotra.