Micron topped a $1 trillion market value for the first time on Tuesday as shares surged 19% on AI-driven demand for memory chips. The milestone highlights how explosive AI growth is lifting a new group of chipmakers beyond Nvidia's early dominance.
Micron is among a fresh crop of chipmakers benefiting from the next stage of the AI race.
Explosive demand for AI has led to a global memory shortage that chipmakers like Micron are struggling to fill.
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Visa announced it will acquire Israeli fraud-detection startup BioCatch for $2.4 billion in cash from Permira and other investors. The purchase centers on behavioral biometrics technology and expands the payments company’s fast-growing value-added services business as global fraud losses surpass $1 trillion a year.
Visa plans to cut about 2,600 jobs, representing roughly 7% of its workforce, with AI cited as a significant but not sole factor. The company will redirect savings into growth areas such as affluent customers, cross-border activity and geographic expansion as it reports quarterly earnings the same day.
CXMT shares jumped nearly 466% in their Shanghai debut, closing at 49 yuan to reach a 3.3 trillion yuan market cap that exceeds every other China-listed firm. The $8.6 billion IPO haul will support memory wafer manufacturing while the firm commands 7.67% of the worldwide DRAM sector and stands to benefit from Beijing's semiconductor self-reliance campaign.
