Is Micron the Next Nvidia?

Key Points

• Nvidia’s valuation has soared throughout the artificial intelligence (AI) revolution thanks to its leading position in the GPU market.

• Hyperscalers are accelerating their capex budgets, but not all of this spend is going toward GPUs anymore.

• Growing AI workloads is fueling new demand for memory and storage chips.

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When OpenAI publicly launched ChatGPT on Nov. 30, 2022, Nvidia‘s (NASDAQ: NVDA) market cap was just $345 billion. Today, Nvidia is the most valuable company in the world — worth a staggering $4.6 trillion.

The catalyst behind Nvidia’s meteoric ascent was its first-mover advantage in high-performance chipsets, called graphics processing units (GPUs). Three years into the artificial intelligence (AI) revolution, however, a new gold rush is forming.

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Generative AI workloads are no longer constrained purely by raw compute and capacity needs. The new bottleneck weighing on the AI infrastructure economy is memory. Below, I’ll break down why Micron Technology (NASDAQ: MU) is the chip stock you’ll want on your radar as demand for high-bandwidth memory (HBM) begins to surge.

Image source: Micron Technology.

The AI memory chip market is about to go parabolic

Back in December, Goldman Sachs published a report indicating that AI hyperscalers could spend roughly $500…