Micron Technology crosses $1 trillion market value, reaching 10th place among America's most valuable companies

Micron's stock jumped about 19% to a record high on Tuesday, lifting the company's market value north of $1 trillion and into 10th place ahead of Walmart and Eli Lilly. UBS tripled its price target on the stock to $1,625, which would value Micron at roughly $1.8 trillion — enough to surpass Tesla and Meta Platforms, each worth around $1.6 trillion.

In fiscal second quarter 2026 (ended Feb. 26, 2026), Micron's revenue nearly tripled from a year earlier to $23.86 billion, with most growth coming from DRAM (high-speed memory used in AI servers). The company is now signing multi-year strategic customer agreements (SCAs) that lock in commitments over years, moving away from traditional cyclical memory pricing dynamics.

Management guided for fiscal third-quarter revenue of about $33.5 billion and raised the dividend 30%, betting that AI demand will sustain. However, memory remains a deeply cyclical business; the company is investing capital expenditures topping $25 billion this fiscal year, with further increases planned, making its fortunes tightly tied to a single demand cycle not yet tested by a downturn.