The market capitalization of Micron briefly passed Meta's on Thursday as its stock continues to soar as a result of relentless demand for chips.
Reuters detailed that the company's shares at one point rose above 18%, its market cap reaching $1.398 trillion and passing Meta's $1.392 trillion.
It later paired gains, climbing almost 12.5% at 11:31 a.m. ET, its stock trading at $1,176.60. The company informed on Wednesday that its revenue more than quadrupled in the fiscal third quarter.
The company's revenue increased over $9 billion compared to the previous year. It expects a revenue of about $50 billion for the ongoing quarter, compared to $11.3 billion in 2025. The figures were significantly higher than industry estimates.
The company topped a $1 trillion market value in late May and reached a record high on Monday before pulling back sharply. However, its stock is up about 700% compared to the previous year.
UBS last month set its price target to more than $1,600 per share, meaning they could climb more than 40% from current levels. Shareholders will get a 15 cent dividend in July, officials said.
"We believe the market will start to put a more 'normal' multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex," the Swiss bank said.
Micron has also been able to rise prices as a result of shortages stemming from soaring demand. The company said it expects tight conditions for demand to continue at least through the next year and has signed 16 long-term agreements with customers, including data center operators and automakers.
Sales related to data centers multiplied by seven to $11.5 billion. All four of the company's business units saw explosive growth.
