Micron (MU) Briefly Surpasses $1 Trillion Market Cap on AI Memory Boom

Micron Technology (MU) briefly topped a $1 trillion market capitalization for the first time on May 26, 2026, as shares surged as much as 18% to an all-time intraday high of $886.60. The rally reflects intensifying demand for memory chips in artificial intelligence infrastructure, propelling the stock over 8-fold in the past 12 months. The advance followed UBS’s move to raise its target price to $1,625 from $535 — the Street’s most bullish call — citing a structural shift in the memory industry driven by AI. UBS argued the market may award Micron a higher, normalized valuation multiple, improving earnings visibility through long-term supply agreements and fixed-price mechanisms. Micron has already sold out its entire 2026 HBM chip capacity and has begun producing next-generation HBM4, underscoring a widening supply-demand imbalance. Mid-session, shares were up 16.38% at $873.98, giving a market value of roughly $990.9 billion. The milestone highlights a broadening AI trade beyond GPUs into memory and storage, with institutional investors such as Rockefeller Capital Management and Schroders adding positions in the first quarter.