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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