Nvidia (NVDA<\/a> +7.87%) is the prime example. Because of AI’s demand for its graphics processing units (GPUs), it has become the most valuable company on the planet with a valuation of $4.2 trillion. It even briefly broke above $5 trillion late last year.<\/p>\n The company has already created an estimated 27,000 millionaires and likely stands to mint a few more. But it also begs the question of who’s next?<\/p>\n And I believe I may have an answer for you.<\/p>\n Image source: Getty Images.<\/p>\n Thanks for the memories<\/p>\n Based in Boise, Idaho, Micron Technology (MU<\/a> +3.08%) primarily makes memory hardware, which includes random access memory (RAM) and dynamic random access memory (DRAM).<\/p>\n Computers rely on RAM chips to store and recall data. AI needs it for the same reason; it just needs a lot more than the 8-32 gigabytes or so most laptops do these days.<\/p>\n AI needs so much RAM, in fact, that tech hardware magazine Tom’s Hardware projects that data centers will consume 70% of all memory chips made this year, creating a critical memory shortage.<\/p>\n The shortage has already caused the cost of memory for smartphones to grow 10%-15% in 2026. And Intel’s CEO Lip-Bu Tan recently said the memory problem was likely to continue for at least the next two years.<\/p>\n There’s going to be a lot of money to be made by producing memory over the second half of the 2020s. Micron has prepared for it by ending its consumer-market RAM production and breaking ground on a gigantic factory near Syracuse, New York.<\/p>\n Micron has already seen its share price jump over 300% over the past 12 months because of it. Despite that, it’s still trading at a bargain valuation relative to its competitors.<\/p>\n Today’s Change<\/p>\n (3.08%) $11.80<\/p>\n Current Price<\/p>\n $394.69<\/p>\n Key Data Points<\/p>\n Market Cap<\/p>\n $444B<\/p>\n Day’s Range<\/p>\n $372.87 – $396.65<\/p>\n 52wk Range<\/p>\n $61.54 – $455.50<\/p>\n Volume<\/p>\n 37M<\/p>\n Avg Vol<\/p>\n 32M<\/p>\n Gross Margin<\/p>\n 45.53%<\/p>\n Dividend Yield<\/p>\n 0.12%<\/p>\n Memory money<\/p>\n Micron has been on a growth tear lately. For the whole of its fiscal 2025 (ended Aug. 28, 2025) it brought in revenue of $37.4 billion, up 49% year over year. And for the full year it achieved a gross margin of 39%, an operating margin of 26%, and a net income margin of 22.8%.<\/p>\n And, as of the company’s Q1 fiscal 2026 results (reported Dec. 17, 2025), that growth streak is set to continue through this year as well.<\/p>\n For the quarter, Micron recorded revenue of $13.6 billion, up 57% year over year. It grew its gross margin to 56.8%, its operating margin to 47%, and its net income margin to 40%.<\/p>\n But despite its growth and the company’s 300% bull run, it still only trades at a forward price-to-earnings (P\/E) ratio of 10.57. Its biggest competitor in terms of memory chips, Samsung<\/a>, trades at a forward P\/E ratio of 12.7. Nvidia, the biggest AI hardware producer, is trading at a forward P\/E ratio of 24.34. <\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/02\/1770532989_143_.jpeg\"\/)
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