Business
Tech-Stock Rally Pushes Micron to $1 Trillion Market Cap
U.S. semiconductor and memory stocks rallied on Tuesday, led by Micron, which soared 19% and traded above a $1 trillion market capitalization for the first time.
After its biggest daily gain since 2011, the tech stock passed Walmart and Eli Lilly to become the 10th-largest U.S. company by market value.
Micron stock, which closed at $895.88, is up a staggering 830% from a year ago, when it closed at $96.38.
The latest stage of the revival began Friday when shares of Qualcomm rose more than 12% on the company’s deal with global automaker Stellantis to support artificial-intelligence-powered vehicles. The momentum continued earlier Tuesday in Asia, with South Korea’s Kospi index rallying 2.6%, helped by gains in chip-making champions Samsung Electronics and SK Hynix.
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