Just a $70 billion company a year ago, memory chip maker Micron Technology ( MU ) soared 21% yesterday to top a $1 trillion valuation alongside a massive boost from UBS.
South Korea’s SK Hynix followed suit, rising 9.3% in Seoul on Wednesday to reach a market value of US$1 trillion. Its shares are up more than 1,000% over the past year. Earlier this month, partner Samsung Electronics also reached $1 trillion.
The memory stocks are one leg of the AI boom, with investors expecting chip shortages — and thus pricing power — to last into 2028.
Micron is higher by another 8% in US premarket trade on Wednesday morning, with the tech-heavy Nasdaq ahead 0.9%.
Feeling in the gutter
Bitcoin (BTC), meanwhile, is down 1.5% over the past 24 hours at $75,800 as action in AI-related names continues to attract attention and capital from crypto markets, which — despite decent bounces from early February lows — remain mired in bad vibes.
“Nobody cares about bitcoin right now … and you just love to see it,” analyst James Check said earlier this week. “Bitcoin sentiment is in the absolute gutter and the bears are measurably the most confident they’ve been in a long time.”
“Anger, annoyance, disappointment, it’s all happening right now.”
