Micron Technology edged past the market valuation of Meta Platforms and briefly Tesla’s for the first time on Thursday, after the memory chipmaker’s solid forecast helped extend its AI-driven ascent.
The company’s shares were last up 18.4% at $1,236, giving it a market capitalization of $1.398 trillion, compared with Meta’s $1.392 trillion. Tesla had a market value stood of $1.4 trillion.
Why the stock prices surged?
Micron’s strong forecast for the fourth quarter helped its stock recover after a recent decline. The company also revealed that customers have already committed $22 billion to secure future supplies of its memory chips.
Owing to the growing demand for AI-related hardware, Micron’s market value crossed $1 trillion on May 26, joining a small group of trillion-dollar chipmakers that also includes Samsung Electronics.
For last few months, investors have been pouring money into companies expected to benefit from the massive AI spending by major technology firms.
How Indians can invest in Micron?
Indian investors can buy shares in Micron Technology directly through global brokerage apps or indirectly via global mutual funds and ETFs.
Direct Investing Platforms (US Brokerage Partners) include:
- INDmoney
- Vested Finance
- Kuvera
- Cryptocurrency platform Mudrex allow you to buy tokenized stocks backed by Micron Technology shares
Mutual Funds & ETFs options
Indian investors can gain exposure to global technology companies, including Micron, through domestic mutual funds and fund-of-funds that invest in overseas tech-focused portfolios.
Popular options include the Mirae Asset NYSE FANG+ ETF and Franklin India Feeder funds,
How other chip stocks are faring?
Some other U.S.-listed chip stocks also rose, with storage and memory rivals Western Digital up 5.6% and SanDisk jumping more than 15%, while Seagate Technology rose 6.7%. The broader Philadelphia SE Semiconductor Index added 1.9%
However, rally slowed across other chip-related stocks though, with U.S.-listed shares of Arm Holdings and Marvell down over 2% each in choppy trading. Nvidia, the world’s most valuable company, also fell 2.3%.
Qualcomm added 3.8% after the chip designer said it expects to generate $15 billion in sales from its data center business by 2029 as it moves beyond its core smartphone chips.