Micron Hits $1 Trillion Market Cap, Narrows HBM Lead Over SK Hynix
MU•Micron crossed the $1 trillion market cap threshold on May 26 driven by AI memory-chip demand, while Walmart’s market cap slipped to $945 billion after underwhelming guidance. SK Hynix holds 57% HBM share, but Micron is closing the gap with secured 2026 HBM deals and projects higher next-quarter earnings.
1. Micron Tops $1 Trillion Valuation
Micron Technology achieved a market capitalization of $1 trillion for the first time on May 26, driven by booming demand for AI-optimized memory chips. This milestone underscores strong investor confidence in Micron’s role in high-bandwidth memory (HBM) needed for next-generation artificial intelligence workloads.
2. Walmart Drops Below Club Level
Walmart’s market capitalization fell to $945 billion after management issued second-quarter earnings guidance below analyst expectations, causing the retailer to exit the $1 trillion valuation club it joined in February. Despite a 7.3% year-over-year revenue increase and a 26% surge in global e-commerce sales, cautious consumer sentiment and fuel costs weighed on outlook.
3. SK Hynix's HBM Market Dominance
SK Hynix currently commands a 57% share of the high-bandwidth memory market, bolstered by long-term supply agreements with leading AI hardware providers. The company’s strong Nvidia relationship and established HBM production capacity have positioned it as Micron’s primary competitor in the trillion-dollar memory sector.
4. Micron's Expansion and Deal Strategy
In response to market demand, Micron has secured multiple HBM supply agreements for 2026 and accelerated capacity expansion plans to narrow technology gaps with SK Hynix. These strategic moves, combined with tighter valuations and forecasting of higher next-quarter earnings, aim to sustain Micron’s growth trajectory.
