AMD and Micron could be headed for $2 trillion market caps, says analyst

For most of the AI boom, the chip trade has been a one-name show. That script is getting rewritten. According to an analyst cited by CNBC, resurgent demand for CPUs and efficiency gains from memory could propel more chipmakers to a $2 trillion market cap. AMD and Micron are the two names in the frame. The numbers behind the rally Micron added roughly $920 billion in market value during Q2 2026, a gain of 240%. AMD tacked on about $615 billion, up 186%. Intel joined the party too, adding around $480 billion for a 216% gain. Together, the three chipmakers added roughly $2 trillion in combined value in a single quarter. Micron got to $1 trillion first, reaching that mark in May 2026. The memory maker posted revenue growth of more than 400% year over year alongside gross margins of 84.9%. AMD followed later, crossing the $1 trillion threshold between September 21 and 23, 2026. The move came after the company raised its total addressable market estimate to $2 trillion to $3 trillion by 2030. Total addressable market, or TAM, is the size of the whole pie a company thinks it can compete for. AMD is essentially telling investors that the data center opportunity for GPUs, CPUs and related h...