Micron’s shares saw a significant uptick of 9% on Friday, setting the stage for an impressive 28% increase throughout the week. This would indicate that Micron has achieved its most remarkable weekly performance since December 2008. Following last week’s closure at $542, Micron’s shares exceeded the $700 mark for the first time on Friday.

The firm achieved a market capitalization exceeding $800 billion on Friday, coinciding with the news that its most advanced solid-state drive has begun shipping operations. Micron’s stock has surged by more than 147% year to date, elevating the company into the ranks of the top 10 most valuable technology firms in the United States.

The stock of the memory producer has seen a notable increase, propelled by an insatiable appetite for memory products, leading to a global scarcity, primarily fueled by the rapid growth in artificial intelligence technologies. Companies in the semiconductor industry, such as Nvidia and Advanced Micro Devices, necessitate considerable memory capabilities to power their advanced AI processors, with Micron playing a crucial role in the memory sector.