technology
Micron Market Cap Briefly Tops Meta and Tesla Amid Memory-Chip Shortage
Micron closed Friday with a $1.27 trillion market capitalization after briefly surpassing Meta and Tesla on Thursday. The Boise-based chipmaker reported sharply higher third-quarter revenue and profit driven by sales of high-bandwidth memory.
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Micron’s market capitalization briefly exceeded those of Meta and Tesla on Thursday before closing Friday at approximately $1.27 trillion, according to TechCrunch. Meta ended the session at $1.39 trillion and Tesla at $1.42 trillion. The Boise, Idaho-based memory chip maker’s stock closed Friday at $1,132 per share after rising more than 236 percent over the preceding 30 days.
Shares had traded below $100 for multiple years before mid-2025. Micron reported third-quarter revenue of $41.45 billion, four times the year-earlier level, and net profit of $28.2 billion, up from $1.88 billion. The company forecast fourth-quarter revenue between $49 billion and $51 billion.
TechCrunch reported that Micron has signed 16 strategic customer agreements across data-center, consumer and automotive segments and holds long-term supply contracts with Nvidia and Anthropic. The company produces DRAM and NAND chips, including high-bandwidth memory used in AI servers.
Nvidia, Microsoft, Amazon AWS, Google, Meta and Oracle are purchasing large volumes of the chips, while Dell and HP have begun hoarding supplies amid shortages.
The shortfall, labeled RAMageddon, is expected to continue into 2027 and has already raised prices for some Apple products and Xbox consoles.
