Micron Technology edged past the market valuation of Meta Platforms and briefly Tesla’s for the first time on Thursday, after the memory chipmaker’s solid forecast helped extend its artificial intelligence (AI)-driven ascent.
The company’s shares were last up 18.4 per cent at $1,236, giving it a market capitalization of $1.398 trillion, compared with Meta’s $1.392 trillion. Tesla’s market value stood of $1.4 trillion.
Micron’s fourth-quarter revenue and profit forecasts on Wednesday helped shares reverse a recent slump, with the company disclosing its customers had committed $22 billion to lock in supplies of memory chips.
It crushed Wall Street estimates, as revenue will be approximately $50 billion in the fiscal fourth quarter, the company said in a statement Wednesday. Analysts estimated $43.2 billion on average. Excluding some items, profit will be about $31 a share, compared with a projection of $25.31.
The chip company topped $1 trillion in market value on May 26, following the entry of South Korea’s Samsung Electronics into the club, as memory chipmakers benefit from investor appetite for beneficiaries of Big Tech’s mega AI spending plans.
