Micron Technology's shares have surged 313% over the past year, pushing its market capitalization to approximately $463 billion from just over $100 billion a year ago. The memory chip manufacturer's meteoric rise stems from explosive demand for AI-driven data center infrastructure, with memory prices climbing sharply.

AI accelerators require specialized high-bandwidth memory (HBM) to function optimally, creating unprecedented demand. Data centers are projected to consume 70% of memory chips manufactured this year, with manufacturers already selling out their 2028 capacity. S&P Global forecasts DRAM contract prices will rise 70% to 100% in 2026, while Micron's earnings are expected to jump 306% this fiscal year to $33.73 per share.

Using a 25x forward earnings multiple aligned with the Nasdaq-100 index, Micron's stock could reach $995 by year-end 2026, representing 2.4 times its current price. This valuation would place the company in the exclusive $1 trillion market cap club. The shortage extends beyond data centers, affecting smartphone, PC, and automotive sectors as manufacturers prioritize AI infrastructure customers willing to pay premium prices.