By Jared Blikre
Publication Date: 2026-05-05 17:59:00
Micron is crashing Nvidia’s AI party.
Micron (MU) has nearly doubled since the March 30 market low, adding more than $360 billion in market value as the AI trade moves deeper into the chip supply chain.
That puts the memory chipmaker near the top of the large-cap semiconductor rebound — behind Nvidia (NVDA), Broadcom (AVGO), and Taiwan Semiconductor (TSM), but ahead of Intel (INTC), Advanced Micro Devices (AMD), and most of the chip equipment group.
The stock is up more than 12% Tuesday — on track for its best day since the post-“Liberation Day” comeback surge on April 9, 2025 — after booming memory chip demand and a Fitch credit upgrade put fresh weight behind the rally.
Micron is not alone. Sandisk (SNDK) is also ripping, with the stock up 12% Tuesday for its best day in three months and a fresh record high. The move adds another sign that investors are moving beyond GPUs used to train AI models and into the memory and storage needed to keep those systems running.
That shift is also showing up in the ETF market.
Todd Sohn, chief ETF strategist at Strategas, noted that semiconductor ETF trading volume keeps accelerating across both plain-vanilla chip funds and levered exposures. He also pointed out that the Bloomberg Global Memory Index is up almost 500% over the past year.
The memory trade is also getting more specific.
Strategas noted that…
