Micron Technology becomes the latest chipmaker to exceed $1 trillion market cap amid AI-driven investor demand.
Micron Technology’s market capitalization crossed $1 trillion for the first time Tuesday, capping a 19% surge in its stock. The chipmaker’s shares have nearly tripled in 2024, driven by strong demand tied to artificial intelligence expansion.
The Nasdaq 100 and S&P 500 reached new record highs Tuesday, while the Dow Jones Industrial Average dipped 0.23%. South Korean rival SK Hynix also surpassed the $1 trillion mark overnight, reflecting broader gains in memory chip stocks.
Premarket trading Wednesday saw Micron shares rise over 5%, extending its rally. Futures pointed to continued gains, with Nasdaq 100 up 0.49% and S&P 500 futures rising 0.3%. Oil prices retreated, with West Texas Intermediate falling near $90 a barrel.