The memory chip crunch is paying off for this US company

But amid this Mad Max-esque fight for memory chips, some companies are coming out ahead. Micron, the largest U.S. computer-memory chip maker — with a market cap of $1.2 trillion — is one of them. That hasn’t always been the case. The company’s shares were trading around $83 in early 2024 (with a market cap of about $91 billion) and closed today at $1,048.51.

The company reported third-quarter earnings after markets closed Wednesday, and the results sent shares soaring more than 13%. Revenue quadrupled to $41.45 billion compared with the same period a year ago. The company’s profit, meanwhile, rose from $1.88 billion to an incredible $28.2 billion year-over-year.

The Idaho-based company also gave investors a positive outlook, forecasting fourth-quarter revenue of between $49 billion and $51 billion.

The strong results arrive the same week Micron inked a deal to supply AI lab Anthropic with memory and storage chips. Micron also disclosed that it participated in Anthropic’s Series H funding round, though it didn’t disclose how much it invested.