Artificial Intelligence (AI) is taking over the global market. With the demand for AI infrastructure and advanced memory chips skyrocketing, the share price of US-based semiconductor company Micron Technology has seen an unprecedented and historic increase. The company achieved such a feat during the market trading on Thursday that it has shocked investors all over the world. During the trading, Micron’s market cap (market value) briefly surpassed that of two of the world’s major tech giants Meta Platforms and Elon Musk’s Tesla.
The company’s strong quarterly earnings guidance for the coming days has filled investors with enthusiasm. After this positive report, investor confidence in Micron increased significantly, as a result of which the company’s share price rose by about 18.4% during the trading session. According to a report by international news agency Reuters, Micron Technology’s shares closed in the green mark with a rise of 15.8% at the close of the market on Thursday. After the market closed, the company’s total market value reached $ 1.37 trillion.
Tight competition with Meta and Tesla:
Although Micron was the most advanced in the middle of the transaction, it was slightly behind Meta and Tesla by the time the market closed. Currently, there is a tight competition between the market caps of these three companies in the global market. Micron Technology was valued at $1.37 trillion, Meta Platforms at $1.38 trillion, and Tesla at $1.41 trillion. Micron’s impressive growth is due to its strong fourth-quarter earnings. It is estimated that the company is set to post a revenue of around $50 billion in the current fourth quarter. According to experts, chipmakers like Micron are likely to further increase their market dominance in the coming days, with the growth of the AI sector.
