Shares of Micron Technology have become some of the fastest-growing on the market thanks to the rapid expansion of artificial intelligence. Over the past 12 months, the company’s stock has gained more than 300%, significantly outperforming other chipmakers as well as the S&P 500 and Nasdaq-100 indexes.

Micron specializes in developing memory and storage solutions, including DRAM and NAND chips. These technologies are used in smartphones and laptops as well as in artificial intelligence servers and data centers, where high-speed data processing and storage are essential.

The strong growth of the company’s business is linked to a sharp rise in investment in AI infrastructure. Major technology companies, including Amazon, Alphabet, Microsoft, and Meta, plan to spend hundreds of billions of dollars on expanding data centers and purchasing chips to train and run next-generation AI models.

Despite the sharp rally, analysts note that Micron still trades at a relatively moderate valuation. The company’s forward P/E ratio is around 11, far below many other leaders in the AI chip market, which suggests that the stock may still have room for further growth.