Micron stock jumps after company tops $1 trillion in market cap

Micron (MU) stock popped another 3% on Wednesday following the company’s best day since 2011, closing on Tuesday at a record high — its 28th of the year.

The catalyst on Tuesday was that UBS more than tripled its price target on the memory chipmaker to a Street high of $1,625, arguing that the AI boom has structurally changed the market for memory.

The new target is up from $535 and implies roughly 115% upside from Micron’s Friday close of $751. UBS analyst Timothy Arcuri wrote that the market should start putting a more “normal” multiple on Micron as investors get more evidence of the changes AI has driven across the memory complex.

On Tuesday, the stock surged past the $886.74 level that valued Micron at $1 trillion, making it the 11th-largest US public company by market value, behind Eli Lilly (LLY) and ahead of Walmart (WMT). On Wednesday, shares were trading above $920.

In his note, UBS’s Arcuri was not just raising numbers. He was also arguing that AI has changed the way investors should value the company.

Micron has historically traded like a cyclical memory stock, with investors worried about boom-and-bust pricing in DRAM and NAND. The UBS analyst argued that AI demand is changing that setup by giving Micron more visibility into demand and a smoother earnings path.

The target’s size also changes the frame around the stock.

A $1,625 price would imply a market cap of roughly $1.8 trillion, according to Bloomberg, which would make Micron the seventh-biggest US company — behind Nvidia (NVDA), Alphabet (GOOG, GOOGL), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO), and ahead of Tesla (TSLA), Meta (META), and Berkshire Hathaway (BRK-A, BRK-B).

Micron’s move was echoed in the broader chip trade.

Micron stock jumps after company tops trillion in market cap — Semiconductor stocks heat map for May 26, 2026.

Marvell Technology (MRVL), ON Semiconductor (ON), Advanced Micro Devices (AMD), Lam Research (LRCX), Intel (INTC), and Qualcomm (QCOM) were among the chip names gaining ground.

Marvell also entered the week with 10 straight weekly gains, while both Micron and the Philadelphia Semiconductor Index (^SOX) have climbed in seven of the past eight weeks.

Micron bulls will want to hold the $800 price level near the old highs or risk a false break to the upside. The biggest near-term support below that is around the $665 level.