Micron Technology (NASDAQ:MU) topped a $1 trillion market value for the first time today, days after President Donald Trump name-dropped the chipmaker at a New York rally.

“Micron, boy Micron’s great, they’re investing hundreds of billions,” Trump said Friday in Suffern, New York.

The stock jumped as much as 21% Tuesday, lifted by a UBS note that tripled the firm’s price target to $1,625 from $535. Analyst Timothy Arcuri’s target, the highest of the 46 brokerages covering the name, implies a valuation near $1.8 trillion within a year.

UBS pointed to long-term supply deals that lock in volumes and partially fix prices, which may steady Micron’s historically volatile earnings. The stock has more than tripled in 2026 on a memory shortage tied to the AI buildout.

What Prediction Markets Say About A Government Stake

Trump’s praise has revived speculation that Washington could take an equity position in Micron, as it did with Intel (NASDAQ:INTC) last year. Trump also bought between $50,000 and $100,000 of Micron stock in March, according to his latest disclosure.

A Kalshi market asking which companies the US will buy into this year gives Micron odds of 40%. Defense firm Anduril is at 30%.

D-Wave and Rigetti are both over 90%, after the Trump administration reportedly moved to award $2 billion to nine companies in the quantum sector.

What Micron Actually Does

Micron makes the memory and storage chips that hold and move data inside phones, laptops and AI servers.

Its key product right now is high-bandwidth memory, or HBM, a stacked chip that sits beside the processors in Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) accelerators and feeds them data fast enough to run large models.

Demand has outrun supply. Micron has said its entire 2026 HBM output is already sold, and the shortage has pushed DRAM prices sharply higher, which is the real engine behind the rally.

It is also one of only three large memory makers globally, alongside South Korea’s SK Hynix and Samsung, and the only major US-based producer. That scarcity is part of why a government stake is even on the table.

Even after the run, Micron trades cheaply on paper, at roughly 8.4 times expected earnings versus 21.1 for the S&P 500 index. The low multiple could reflect the memory market’s history of boom-and-bust cycles.

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