Micron Stock Surges 1,315% in AI Mania, History Warns of Collapse

Micron Technology's stock has experienced a massive AI-driven surge, rising 1,315% from its April 3, 2025 low to a market cap of $1.01 trillion. Over the past 12 months, shares have increased by 854%, with a 19% spike on May 26, 2026. The stock reached $1 trillion in market cap just 48 trading days after hitting $500 billion, a record speed surpassing Nvidia's 490 days. However, Micron has a history of dramatic collapses after spikes, including an 82% drop from 1995-1996, a 98% decline from its Dotcom Bubble peak in 2000 to 2008, and multiple 50% plunges. The Dotcom Bubble high was not exceeded until 2018, and the stock fell below it again multiple times. Former President Trump endorsed the company at a rally, saying "Boy, Micron is great." The current AI mania has pushed Micron to become one of 12 US companies with a $1 trillion market cap, up from zero before 2023. Wolf Richter of WOLF STREET warns that the pattern of "this time it's different" has never held true, and a 10% drawdown across these 12 stocks would incinerate trillions of dollars.