Memory chipmaker Micron's shares climbed 18.5% to $1,244.40, lifting its market capitalization to $1.393 trillion, surpassing Meta Platforms' $1.391 trillion value for the first time. The rally follows Micron's robust fourth-quarter revenue and profit forecasts, underpinned by $22 billion in customer supply commitments for AI-focused memory chips.
On June 25, Micron's share price surged 18.5% to $1,244.40, giving the company a market capitalization of $1.393 trillion. This marks the first time Micron has overtaken Meta Platforms, whose market value stood at $1.391 trillion.
Micron attributed its share rally to a strong fourth-quarter revenue and profit forecast, boosted by $22 billion in binding customer commitments to secure memory chip supplies. Demand for AI infrastructure components underpins the elevated outlook.
Meta's slip to the second-highest market valuation highlights growing investor focus on AI hardware suppliers. The shift may prompt renewed scrutiny of Meta's growth strategy and capital allocation amid intensifying competition for AI infrastructure.
