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The AI boom has fueled dozens of new startups and minted a new class of billionaires. It has also produced a serious shortage of memory chips \u2014 a critical component for compute-hungry AI models \u2014 which some predict could persist through 2027<\/a>.<\/p>\n This era of RAMageddon<\/a> isn\u2019t just a corporate problem. As demand spikes and squeezes supply, prices are rising and trickling down to consumers. Apple CEO Tim Cook warned just a week ago that price increases<\/a> for its products are unavoidable.<\/p>\n 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 \u2014 with a market cap of $1.2 trillion \u2014 is one of them. That hasn\u2019t always been the case. The company\u2019s shares were trading around $83 in early 2024 (with a market cap of about $91 billion) and closed today at $1,048.51.<\/p>\n The company reported third-quarter earnings<\/a> 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\u2019s profit, meanwhile, rose from $1.88 billion to an incredible $28.2 billion year-over-year.<\/p>\n The Idaho-based company also gave investors a positive outlook, forecasting fourth-quarter revenue of between $49 billion and $51 billion.<\/p>\n The strong results arrive the same week Micron inked a deal<\/a> to supply AI lab Anthropic with memory and storage chips. Micron also disclosed that it participated in Anthropic\u2019s Series H funding round, though it didn\u2019t disclose how much it invested.<\/p>\n<\/div>\n