Micron joins $1 trillion market cap club as chip rally boosts markets

Micron Technology crossed the $1 trillion market capitalization threshold, becoming the latest semiconductor company to reach this milestone. The surge was driven by strong demand for memory chips used in AI applications. S&P 500 and Nasdaq futures rose on Wednesday, extending a chip rally, while oil prices fell on hopes of a truce between Iran and its adversaries. The broader market gains were led by technology stocks, with the Philadelphia Semiconductor Index gaining over 2%. Micron's stock price increased by more than 3% in pre-market trading, pushing its market cap above $1 trillion for the first time. The company joins other chipmakers like Nvidia, TSMC, and Broadcom in the trillion-dollar club. The rally in chip stocks reflects investor optimism about AI-driven demand for semiconductors. Meanwhile, oil prices declined as geopolitical tensions eased, with Brent crude falling below $80 per barrel.