Micron surpasses Meta and Tesla in market value driven by demand for AI infrastructure

Micron logo in illustration. The company surpassed Meta and Tesla in market value driven by demand for artificial intelligence chips.
Dado Ruvic/Reuters
Micron Technology surpassed this Thursday (25), for the first time, the market value of Meta and, briefly, also that of Tesla, after the memory chip manufacturer released a robust financial forecast, expanding its strong appreciation driven by artificial intelligence.
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The company's shares rose 18.4%, to US$ 1,236, raising its market value to US$ 1.398 trillion. In comparison, Meta was valued at US$1.392 trillion, while Tesla had a market value of US$1.4 trillion.
On Wednesday (24), Micron released revenue and profit projections for the fourth quarter above expectations, which helped the shares recover from a recent drop.
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The company also reported that its customers committed US$ 22 billion in orders to guarantee the supply of memory chips.
The manufacturer surpassed the US$ 1 trillion mark in market value on May 26, after the entry of South Korean Samsung Electronics into this select group.
Memory manufacturers have been benefiting from strong investor interest in companies that supply components for technology giants' large investments in artificial intelligence infrastructure.

Source: G1