Meta Platforms’ market capitalization slipped to $1.392 trillion after Micron’s shares jumped 18.4% following revenue growth to $41.5 billion, briefly placing Meta behind Micron’s $1.398 trillion valuation. Meta is among four tech giants earmarking parts of a combined $725 billion AI infrastructure spend this year.
On June 25, Micron Technology’s market capitalization reached $1.398 trillion after an 18.4% stock surge, briefly surpassing Meta Platforms’ $1.392 trillion valuation and edging closer to Tesla’s $1.4 trillion market cap.
Micron reported fiscal third-quarter revenue of $41.5 billion, up 346% year-over-year, driven by booming AI memory demand and backed by adjusted gross margins rising to 84.9% from 39% a year earlier, with forecasts of 86% in the current quarter.
$22 billion in customer deposits have been locked in for high-bandwidth memory chips under three- to five-year contracts, reflecting structural supply shortages as AI data centers race to secure capacity beyond historical cyclical patterns.
Meta Platforms stands to face higher memory costs as AI infrastructure spending by Meta, Amazon, Microsoft and Alphabet reaches a combined $725 billion this year, intensifying competition for limited high-bandwidth memory supply.
