Micron, the Boise, Idaho-based memory chip maker, has captured Wall Street’s heart. Whether the love affair endures will heavily depend on how long the AI-driven supply crunch for memory chips lasts.

Specifically Micron closed Friday’s trading with a market cap close to $1.27 trillion, while Meta was at $1.39 trillion and Tesla was at $1.42 trillion. Micron’s stock has soared over 236% in the past month alone, closing Friday at $1,132 a share.

It’s a dizzying rise for a company that most consumers associated with the tiny memory cards that, back in the day, were commonly needed to boost PCs, smartphones, or other device storage. Wall Street isn’t sweating over that product line. Micron is benefiting from the AI data center buildout boom.

This lack of supply, which has been dubbed RAMageddon, is predicted to persist into 2027. And it’s already driving up the price of consumer electronics like Apple products and Xbox consoles.

With the whole tech industry clamoring for more memory, Micron’s delivered blockbuster third-quarter earnings last week. Revenue quadrupled year-over-year to $41.45 billion, and profits skyrocketed from $1.88 billion to $28.2 billion over the same period.