Micron Technology and SK Hynix each briefly reached a market capitalization of US$1 trillion in May 2024 [1, 2].

The milestone reflects the critical role of high-performance memory in the artificial intelligence race. As data centers expand to handle massive AI workloads, the demand for specialized memory chips has pushed valuations to unprecedented levels.

Micron Technology, based in the U.S., first hit the US$1 trillion mark on Tuesday, May 21, 2024 [2]. The valuation was recorded on the Nasdaq stock market. This surge follows a broader rally in the semiconductor sector as companies scramble to secure the hardware necessary for generative AI.

Shortly after, South Korea's SK Hynix reached the same US$1 trillion threshold on Wednesday, May 22, 2024 [3]. The valuation was recorded on the Korean stock market (KRX). The company has seen significant growth due to its position in the supply chain for AI-driven memory solutions.

These two additions bring the total number of publicly traded companies with a market capitalization of US$1 trillion to 16 [1]. The growth in this group highlights a shift in global market dominance toward firms providing the foundational architecture for AI.

Industry analysts said the rally is due to unprecedented demand for memory chips in data-center workloads [1, 4]. This demand has increased both the price of components and general market sentiment regarding the long-term viability of the AI boom. The ability of these firms to scale production to meet this demand remains a central focus for investors.

“Micron Technology and SK Hynix each briefly reached a market capitalization of US$1 trillion”

The entry of two memory chipmakers into the trillion-dollar club signals that the AI investment cycle has moved beyond the designers of AI chips to the providers of the essential memory hardware. This indicates a broadening of the AI-driven economic impact across the global semiconductor supply chain, shifting significant financial power toward companies that can manage the physical constraints of data-center scaling.