BlockBeats News, May 30th, as Micron Technology's market cap surpassed $1.1 trillion and exceeded Berkshire Hathaway and Eli Lilly and Company, it officially entered the top ten of the US stock market by market cap. Currently, the top ten US market cap rankings are all occupied by technology and AI-related companies, including NVIDIA, Microsoft, Apple, Alphabet, Amazon, TSMC, Broadcom, Meta Platforms, Tesla, and Micron Technology.

Analysis believes that AI is driving a structural transformation in capital market pricing logic. Micron's market cap has grown more than 8 times in the past year, and the surge in High Bandwidth Memory (HBM) demand has transformed it from a traditional storage manufacturer into a core beneficiary of AI infrastructure. The company's latest quarter revenue increased by 196% year-on-year, net profit nearly multiplied by 9 times, and gross margin rose to 74.4%.

The current top ten companies in the US stock market by market cap almost cover key elements of the AI industry chain: NVIDIA provides computing power chips, TSMC is responsible for advanced manufacturing, Broadcom is involved in AI networking and ASIC, Micron provides HBM storage, Microsoft, Google, and Amazon lead AI cloud platforms, Meta continues to expand AI capital expenditures, while Tesla is betting on autonomous driving and robotics.

However, the market is also beginning to pay attention to the risks behind the AI investment frenzy. Data shows that the "Seven Tech Giants" on Wall Street are expected to spend over $700 billion on capital expenditures for the full year 2026, while the commercialization return on AI is still to be validated. Industry insiders warn that if the future AI capital expenditure growth rate slows down, it may trigger simultaneous downward revisions of earnings expectations and valuations in related sectors.

In addition, with the continuous expansion of investments in data centers, advanced packaging, and network infrastructure, the debate in the market about whether there will be an oversupply of AI infrastructure in the future is gradually heating up. Analysts believe that the changes in the US stock market cap rankings reflect capital shifting from traditional industries to AI infrastructure and technology platforms. Still, in the long run, the industry landscape will ultimately be determined by real demand and profitability.