Micron Technology surpassed $1 trillion market capitalization on May 26, becoming the third American semiconductor company to join the exclusive club behind Nvidia and Broadcom.

Micron stock gained 830% over the last 12 months. During fiscal 2026 second quarter (ended Feb. 26), the company generated $23.8 billion in revenue, up 196% compared to the year-ago period. Management guidance projects $33.5 billion in total revenue for fiscal 2026 third quarter, representing a 260% year-over-year increase.

Micron supplies high-bandwidth memory (HBM) — specialized memory that stores information for GPUs to access quickly — for data center AI systems. The company's HBM3E offers 50% more memory capacity than competitors while consuming 30% less energy; its new HBM4 delivers 60% more capacity and is 20% more energy efficient than HBM3E.

Earnings grew faster than revenue due to tight supply-and-demand conditions allowing Micron to raise prices. Second-quarter earnings jumped 756% to $12.07 per share. However, memory suppliers are building more production capacity, which will eventually normalize the supply/demand imbalance and reduce Micron's pricing power. Additionally, some AI companies' customers are facing higher costs; Uber Technologies exhausted its entire 2026 AI budget in four months.