Micron Technology briefly surpassed Meta Platforms in market capitalization on June 25, following a robust fiscal third-quarter earnings report. The company's revenue soared 346% year-over-year to $41.5 billion, propelling its shares up 18.4% to $1,236 and its market cap to $1.398 trillion, slightly above Meta's $1.392 trillion. This marks the first time Micron has overtaken Meta, with Tesla just ahead at $1.4 trillion. Micron's rise is drawing parallels to Nvidia's ascent as a key player in AI computing. The demand for high-bandwidth memory (HBM) chips, crucial for AI processors, is outpacing supply, with Micron being a leading U.S. manufacturer. The company reported adjusted gross margins of 84.9% in the May quarter, a significant increase from negative 33% three years ago. Micron has secured $22 billion in upfront deposits from customers to ensure memory chip supply, reflecting a shift from the traditional boom-and-bust cycle. The impact of Micron's growth extends beyond the chip industry, affecting companies like Apple, which saw a 6% share price drop after raising prices due to the memory shortage. Micron forecasts $50 billion in revenue for the current quarter, surpassing analyst expectations. The company's future trajectory hinges on sustained AI infrastructure spending and the pace of new memory supply.