Micron Technology’s market value surged past that of Meta Platforms and ahead of Tesla on Thursday, as investors responded positively to the company’s latest outlook and growing exposure to the artificial intelligence sector, according to Business Today. The memory chipmaker’s shares skyrocketed 18.4% to $1,236, lifting its market capitalisation to $1.398 trillion, placing it above Meta, which was valued at $1.392 trillion, while Tesla stood at $1.4 trillion.
Market cap milestone
Micron became a trillion-dollar company on May 26 as enthusiasm around AI continued to drive investment into suppliers of key technologies, according to Business Today. The milestone came after Samsung Electronics also joined the trillion-dollar club. The table below shows the comparative market capitalisations on Thursday:
| Company | Market Capitalisation |
|---|---|
| Micron Technology | $1.398 trillion |
| Meta Platforms | $1.392 trillion |
| Tesla | $1.4 trillion |
AI demand drives growth
The strong performance came after Micron’s fourth-quarter forecast released a day earlier, in which the company projected stronger revenue and profit, according to Business Today. The company also revealed that customers have committed $22 billion to secure future supplies of memory chips, helping to ease concerns after a recent decline in its share price. The rise comes amid increasing demand for memory and storage products required to build and operate AI systems. Developers are expanding data-centre infrastructure and seeking long-term access to critical hardware, while memory manufacturers are benefiting from demand for high-bandwidth memory and storage solutions used in AI training and deployment.
Micron-Anthropic partnership
Earlier this week, Micron announced a new agreement with Anthropic covering the supply of memory and storage products, according to Business Today. The deal also includes a strategic investment by Micron in Anthropic’s latest funding round ahead of the AI company’s planned stock market debut. As part of the partnership, the two companies will examine how memory and storage technologies perform across AI workloads and how they interact with broader infrastructure systems.
"Our compute strategy depends on getting every layer of the stack right, and memory and storage are central to how efficiently we can train and serve Claude," Tom Brown, Anthropic’s co-founder and chief compute officer, told Reuters, as reported by Business Today.
Micron said it has already integrated Claude models into its own operations, using them for coding and agentic applications across engineering, manufacturing and enterprise functions, according to Business Today. The company expects to broaden those deployments over time.
Anthropic, which developed the coding assistant Claude Code, announced on June 1 that it had confidentially filed for a US initial public offering after raising $65 billion in its Series H round, a fundraising effort that valued the company at $965 billion, according to Business Today. Anthropic has recently secured additional computing capacity through agreements with CoreWeave, Broadcom and SpaceX as it expands its AI operations.
Outlook
Micron's rally underscores the strength of the AI-driven semiconductor cycle. The $22 billion in customer prepayments and the strategic partnership with Anthropic provide visibility into long-term demand. With Anthropic's planned IPO and continued data-centre buildouts, Micron is positioned as a key beneficiary of the infrastructure build-out for AI. The next milestone will be the company's fiscal fourth-quarter earnings report expected later this year.
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