Jim Cramer Discussed 18 Companies That Hit $100 Billion in Market Cap in 2024

Page 17 of 17

1. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 107

During Mad Money’s episode, Cramer noted that Micron Technology, Inc. (NASDAQ:MU) market cap touched $100 billion in 2024 and said:

“Micron, semiconductors, does high bandwidth, 18%… But both Micron and ADI are well off their high, so the whole thing might be a bit of a comedown for them.”

Micron (NASDAQ:MU) designs, develops, and manufactures memory and storage products, offering high-speed, low-latency semiconductor devices and non-volatile memory solutions. The growth of AI is expected to play a significant role in the company’s future expansion, particularly in the demand for high-bandwidth memory (HBM) used in AI servers. The company has projected that the total addressable market for HBM will increase substantially, from around $4 billion in 2023 to over $25 billion by 2025.

On December 10, Reuters reported that the U.S. Department of Commerce has finalized a $6.1 billion subsidy for the company, intended to support the development of several domestic semiconductor manufacturing facilities. This investment, which was originally announced in April, is one of the largest government awards to semiconductor companies under the U.S. CHIPS and Science Act.

The funds will help finance factory projects in New York and Idaho. Additionally, Micron (NASDAQ:MU) and the Commerce Department have reached preliminary terms for an extra $275 million investment aimed at expanding the company’s manufacturing facility in Manassas, Virginia, which produces chips primarily for the automotive, networking, and industrial markets.

While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure. None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 17 of 17