Micron's stock has risen by 62% since 2025, largely due to heavy demand for memory-rich Nvidia artificial intelligence chips. This has led to higher prices for other tech companies, including Amazon and Google, which buy large quantities of Nvidia chips and rent them out through cloud services. The rally has elevated Micron's market cap to $520 billion, surpassing Oracle's $445 billion. The company is working to increase supply and is opening a new fabrication facility in upstate New York. The memory chip shortage is showing no sign of letting up, as tech industry's biggest names spend record amounts to keep up in the AI race. Nvidia CEO Jensen Huang said he sees $1 trillion in purchase orders through 2027 for Blackwell and Vera Rubin GPUs. The stockpiling of these GPUs has also contributed to higher memory prices.