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Artificial intelligence euphoria hit a new level this week, as two chipmakers hit $1 trillion in stock market value.
Driven by skyrocketing demand for chips that supply memory for AI, Micron Technology surged past the mark for the first time Tuesday. South Korean chipmaker SK Hynix also joined the trillion-dollar club Wednesday.
Their ascent has been rapid. Only 48 days earlier, Micron hit a $500 billion value. Its journey to the trillion-dollar milestone happened faster than those of major companies such as Meta, Amazon, Nvidia, Walmart and Tesla, according to an analysis by The Wall Street Journal. SK Hynix’s shares have surged more than 200% this year.
Hitting the once-rare trillion-dollar mark is becoming more frequent in a market driven by insatiable demand for AI. Since Apple first broke the trillion-dollar level in 2018, 11 more U.S. companies have followed. Another one of the world’s biggest suppliers of memory, Samsung, also hit $1 trillion this month.
More AI-driven market growth is likely, Wall Street analysts say.
Predicting that earnings will grow by 24% this year, strategists at Goldman Sachs said half of that will come from companies that are “the beneficiaries of AI infrastructure investment.”
UBS analysts threw more fuel on the fire Tuesday morning, tripling their price target for Micron to $1,625 from $535 per share. Micron shares quickly surged 19%, making...
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