<body><p>STORY: :: Micron</p><p>Micron Technology briefly blew past the market value of Big Tech brethren Meta and Tesla for the first time ever on Thursday.</p><p>Micron's stock surge came a day after the memory chip maker - and major supplier to AI powerhouse Nvidia - forecast quarterly profit and revenue well above Wall Street's expectations. </p><p>:: Micron</p><p>The company's shares, which have more than tripled in value so far this year, at one point soared more than 19% on Thursday, giving Micron a market cap of about $1.4 trillion.</p><p>That's roughly ten times higher than Micron's market cap just one year ago.</p><p>The company is the only U.S.-based manufacturer of high bandwidth memory chips used alongside Nvidia's AI processors.</p><p>Micron in its earnings results on Wednesday said customers such as Nvidia had committed a total of $22 billion to lock in supplies of its memory chips.</p><p>That follows in the footsteps of similar deals made by Korean rivals SK Hynix and Samsung.</p><p>The agreements are key to winning over investors who have been wary of the AI boom's durability.</p><p>Earlier this week, memory stocks led a more than $1 trillion stock rout stoked in part by valuation concerns.</p><p>:: Archive</p><p>Micron's results, however, sparked a global chip stock rally on Thursday, as investors grew more confident about persistent demand and tightening supply.</p></body>
