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News of the day
1. Micron's stock surges, briefly surpassing Meta and Tesla, driven by AI chip demand and long-term agreements. → Read more
2. Andrew Ambrosino, OpenAI Codex lead, discusses how AI is reshaping product development and the rise of 'taste' as a key skill. → Read more
3. IKEA's AI chatbot Billie handles 47% of customer queries, enabling 8,500 employees to offer premium design advice and boosting revenue. → Read more
4. Anthropic's Fable 5 AI model may soon be available again as the Trump administration plans to lift safety-related restrictions. → Read more
Our take
Hi Dotikers!
A few days ago, we were watching the AI fight play out at the level of the models: who ships what, who falls under control, who gets unplugged. But we were forgetting the essential thing. All of that runs on memory. This week it's the supplier that walks away with the prize, and Wall Street has just handed it a nickname, the next Nvidia.
Micron, the memory chip maker based in Boise, Idaho, saw its stock jump 236% in a month to close Friday at $1,132. On Thursday the company briefly passed Meta and Tesla in market value, before settling back down to their level the next day, at roughly $1.27 trillion, against $1.39 trillion for Meta and $1.42 trillion for Tesla. For a company the public still associated with the memory cards in its old PC, and which languished below $100 before mid-2025, the vertigo is real.
The reason comes down to three letters: HBM. The rush to build AI data centers has created a memory shortage (DRAM, NAND, high-bandwidth memory) that buyers are fighting over, from Nvidia to the hyperscalers, forcing everyone to stockpile. This "RAMageddon" is expected to last into 2027 and is already pushing up the price of iPhones and Xboxes. The numbers follow: revenue quadrupled year over year to $41.45 billion, profit up from $1.88 billion to $28.2 billion. Micron has locked in sixteen long-term supply agreements, including one with Nvidia and another with Anthropic.
It's that last detail that's amusing. Micron is securing its demand from a lab whose flagship models have been unplugged by the government since June 12. And the underlying trap is the same as in every cycle: building fabs takes years, demand often falls back just as the capacity finally arrives, and today's shortage becomes tomorrow's glut. Wall Street has crowned Micron "the next Nvidia." The question is whether that's the path it's being promised, or just the top of a cycle we've already watched come back down.
G.
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