Faster Than Nvidia. Micron’s Market Value Breaks One Trillion, Is Dell the Next Trillion-Dollar Dark Horse?

TradingKey - During pre-market trading on May 27, Eastern Time, Micron Technology ( MU) continued its rally, with shares rising over 4% again to $935. The previous day, boosted by a significant price target hike from UBS, Micron's stock surged more than 19% as its market capitalization topped $1 trillion for the first time, sparking a rally in the U.S. market and leading investors to speculate on the next dark horse.

Micron Technology stock price chart, source: TradingView

Which U.S. stocks have surpassed the $1 trillion market capitalization milestone?

Driven by the AI wave, the 'Trillion-Dollar Club' in the U.S. stock market has expanded rapidly in recent years. In addition to several established tech giants, new members have been breaking the $1 trillion mark, and Micron is the latest among them, as follows:

Notably, Nvidia was the world's first chipmaker to join the trillion-dollar club, reaching the milestone just 24 years after its IPO. In contrast, it took Micron 42 years from its 1984 listing to reach a trillion-dollar valuation, roughly double the time. However, Micron’s climb from $500 billion to $1 trillion was significantly shorter, taking only 48 trading days compared to Nvidia’s 490. This reflects the capital market's enthusiasm for AI stocks and has spurred investors to seek out the next dark horse most likely to break the trillion-dollar mark.

Who will be the next dark horse in the US stock market?

If Micron is the provider of memory, then Dell ( DELL) is the infrastructure behemoth responsible for integrating chips, cooling, and power into a unified solution delivered directly to customers. Currently, nations such as the U.K. and South Korea are aggressively allocating budgets to establish sovereign AI data centers to prevent national data leakage, positioning Dell as the primary winner of "sovereign-level national orders." Furthermore, compared to the valuations of other AI stocks, Dell is significantly undervalued, with a market capitalization of less than $200 billion and a price-to-sales (P/S) ratio of under 2x. As Dell's deep integration with Nvidia's Blackwell chips and Palantir's software continues, its market value is poised to be driven higher.

Beyond Dell, Palantir ( PLTR) is another company with the potential to break the trillion-dollar mark. Previously, Palantir was viewed as a secretive defense data firm, but in 2026, it formed major alliances with Microsoft and Dell, embedding its Artificial Intelligence Platform (AIP) directly into the foundational server and cloud architecture. This move has triggered explosive growth in its commercial customer base, establishing it as the sole benchmark for pure-play AI software stocks in the public market. Currently, Palantir's market cap is approximately $320 billion, requiring a roughly 3.05x increase and potentially another 5 to 7 years of growth to reach the trillion-dollar milestone.