By Brett Schafer
Publication Date: 2026-06-04 17:15:00
When Apple reached a $1 trillion market cap, it was a momentous occasion. Almost 10 years later, it seems a new stock is reaching a $1 trillion valuation every week amid the artificial intelligence (AI) bull market. The latest is Micron Technology (MU 6.68%), a memory chip maker benefiting from increased on-device and cloud storage needs for AI software.
The question remains whether Micron has permanently elevated itself into the ranks of the “Magnificent Seven” stocks like Nvidia, or whether Micron is enjoying a temporary boost to the memory chip market before it falls back to Earth.
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Soaring profits due to insatiable demand
Nvidia has soared to become the largest company by market cap thanks to its innovation in AI chips. Training and running AI models like your ChatGPT chatbot require robust processing capabilities compared to legacy software programs, which is why Nvidia now generates $82 billion in quarterly revenue.
Now, it is increasingly the job of memory chips to help operate these AI software programs. Whether on your computing device (like an iPhone) or in the cloud, demand for storage is growing like an invasive species, creating a bottleneck for AI use worldwide. More memory chips will be needed to match supply and demand.
This may be a problem for the AI software…