Over the past 12 months, Micron Technology (NASDAQ: MU) has been one of the hottest stocks in the stock market.
It’s up around 680% in that span, far outperforming every major U.S. index and all the “Magnificent Seven” stocks as of July 13
It’s currently valued at around $1.05 trillion (the 15th most valuable public company in the world), but at its peak, its valuation reached $1.37 trillion. Despite Micron’s current momentum (up 193% this year), there’s another popular tech stock that I’d invest in before Micron, even though Micron’s returns are more than 28 times higher over the past year: Nvidia (NASDAQ: NVDA). It’s been a “down” year for Nvidia so far — it’s only up 8% year to date — but I like its long-term appeal more than Micron’s right now.
What Micron has working in its favor Micron is a memory and storage chip company that has found itself in the right place at the right time. As major AI hyperscalers — such as Amazon, Microsoft, and Alphabet — have spent (and plan to continue spending) billions building out data centers, companies that make the hardware that populates those data centers have seen surges in demand. One key piece of hardware is the memory chips that Micron makes.