Micron Beats Meta in Market Cap: Can It Catch Nvidia Next? - BeInCrypto

Micron Technology briefly surpassed both Meta and Tesla in market capitalization following a strong third-quarter earnings report that showed a 346% year-over-year revenue increase to $41.5 billion. T... Read original →

Micron’s brief market cap surge over Meta reflects a structural shift: AI memory has transitioned from optional to mission-critical. As the sole U.S.-based HBM3E supplier for NVIDIA’s Blackwell GPUs, Micron now anchors a geopolitically sensitive node in the AI stack. Its 84.9% gross margin reveals unprecedented pricing power, driven by $22B in prepayments locking supply amid global AI capex hitting $725B. Yet SK Hynix and Samsung are countering with EUV-intensive DRAM processes and TSV scaling, while advanced packaging clusters in Taiwan, China threaten Micron’s cost leadership. CHIPS Act subsidies ease capital burdens but export controls inflate compliance overhead and delay ramp-ups. Within 18 months, HBM4 standardization and new capacity from 2027 will likely trigger price erosion. Without deeper cloud vendor lock-ins beyond current contracts, Micron’s trillion-dollar valuation lacks sustainable footing.