Memory chip shortage and soaring prices are fueling trillion-dollar companies like Micron Technology, SK Hynix, and Samsung as AI data centers face capacity constraints.

Micron Technology's net income more than tripled year over year on revenue growth of 74% for the fiscal quarter ending in February, with its stock price up more than 237% in 2026 and roughly 900% for the past 12 months, pushing its market cap to over $1 trillion.

AI data centers require the same core components as consumer computers—CPU, DRAM (dynamic random access memory), and data storage—but data center operators underestimated the amount of memory needed, creating insatiable demand for memory chips and storage devices.

Analysts expect DRAM prices to grow by 125% for the entirety of 2026 according to Gartner, while data storage prices are projected to soar 234%. Mordor Intelligence expects the global DRAM market to grow at an average annualized pace of nearly 15% through 2031.