Just $70 billion ago, memory chip maker Micron Technology (MU) yesterday soared 21% and surpassed a $1 trillion valuation, alongside a massive hike in UBS’s price targets.
South Korean company SK Hynix followed suit, rising 9.3% on Wednesday in Seoul to surpass $1 trillion in market value. Its shares are up more than 1,000% in the past year. Earlier this month, peer Samsung Electronics also surpassed $1 trillion.
Memory stocks are one of the pillars of the AI boom, with investors expecting chip shortages – and therefore pricing power – to last until 2028.
Micron is up another 8% in U.S. pre-market trading Wednesday morning, with the tech-heavy Nasdaq ahead 0.9%.
Feeling in the gutter
Bitcoin (BTC), meanwhile, is down 1.5% over the past 24 hours to $75,800, as action in AI-related names continues to attract attention and capital from crypto markets, which – despite decent rebounds from early February lows – remain mired in bad vibes.
“Nobody cares about bitcoin right now…and you love to see it,” analyst James Check said earlier this week. “Bitcoin sentiment is in the absolute gutter, and bears are by far the most confident in a long time.”
“Anger, annoyance, disappointment, it’s all happening right now.”
