- Micron surged over 18% intraday after a strong earnings report and revenue forecast
- Its market cap briefly surpassed Meta's $1.38T and Tesla's $1.41T before closing at $1.37T
- Q3 revenue rose to $41.46B, quadrupling from $9.3B a year earlier and beating estimates
Micron Technology Inc. overtook Elon Musk's Tesla Inc. and Mark Zuckerberg's Meta Platforms Inc. in market capitalisation after an AI powered rally on Thursday.
The chipmaker surged over 18% intraday after a strong earnings report and an even stronger revenue forecast, briefly boosting its Mcap past Meta's $1.38 trillion and Tesla's $1.41 trillion, according to a reuters' report. However, its Mcap stood at $1.37 trillion after it pared some gains to close 15.74% higher at $1,213.56.
MU's rally came on the back of a third quarter earnings beat and a bullish revenue forecast. The company's technology is an essential for AI-linked tech titans like Nvidia and Google. A continued bull run had pushed its market capitalisation past $1 trillion earlier, exactly a month ago.
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Micron Technology's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in the third quarter of fiscal 2026. Aside from exceeding street expectations of a $36 billion topline, the company has forecasted a $50 billion for the current quarter, an increase from $11.3 billion in the year-ago period.
Besides reigniting an AI frenzy among investors, the Sanjay Mehrotra-led company's commentary also disclosed that customers have committed $22 billion to secure future supplies of memory chips, highlighting the intense demand for high-bandwidth memory and other AI-focused products.
In a historic bull run, Wall Street's chip darling has zoomed nearly 900% in the last 12 months, and over 300% year-to-date in a market beset by supply shortages.
However, the shares will most likely come off their highs as they traded 5% lower at $ 1,154 ahead of Wall Street open on Friday.
ALSO READ: AMD, Intel, Qualcomm Ride On Micron's Bullish Forecast As AI Chip Stocks Soar Up To 19%
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