Micron’s AI-fuelled rally creates America’s newest trillion-dollar chip giant

Micron Technology briefly crossed the $1 trillion market capitalisation mark for the first time on Tuesday, marking a dramatic milestone in the artificial intelligence-driven rally that has transformed the US memory-chip maker into one of Wall Street’s biggest winners.

Micron shares surged as much as 19.3% during trading before trimming some gains to trade 17.4% higher at $881.60. The sharp rally came after UBS raised its price target on the stock to $1,625 from $535, the highest target among the 46 brokerages tracked by LSEG.