Three significant U.S. chipmakers together added about $2 trillion in market value during the second quarter as investor interest in artificial intelligence extended beyond the market leader in AI accelerators.
Micron Technology recorded the largest percentage advance among the group, climbing more than 240% in Q2 and increasing its market capitalization by approximately $920 billion. Intel rose 216% over the quarter, contributing roughly $480 billion in added market value. Advanced Micro Devices saw its share price nearly triple, translating into about $615 billion of additional value.
These three firms now rank as the 10th, 11th and 12th most valuable U.S. technology companies, reflecting a material reallocation of investor capital within the sector.
Company-reported details note that Micron, one of the three primary computer memory makers, experienced revenue in its latest quarter that more than quadrupled as memory prices increased in response to demand from AI chipmakers. The firm's gross margin expanded markedly - rising to 84.9% in the third quarter from 39% a year earlier.
Intel, a major central processing unit manufacturer, is advancing U.S.-based fabrication capacity while also benefiting from renewed demand for CPUs as aspects of AI computing move onto devices. AMD, which competes with Intel in CPUs and also produces graphics processing units, continues to gain value despite trailing Nvidia in the GPU market.
Nvidia, the AI-focused chip designer that remains the largest company by market capitalization, posted a 15% increase in the second quarter. Among major tech peers, Meta Platforms delivered the weakest outcome, falling nearly 2% for the period, while Alphabet led gains among large-cap technology names with a 24% advance. Amazon and Microsoft reported results that placed them between Meta Platforms and Alphabet for the quarter.
Other suppliers that form parts of the AI infrastructure chain also recorded substantial gains. Marvell Technology, a maker of networking equipment, climbed roughly 200% in the quarter. Arm Holdings rose 134% over the same period. The VanEck Semiconductor ETF rose 71% in Q2, marking the fund's strongest quarterly performance since it began trading in 2000.
The quarter's moves illustrate how investor flows into AI exposure have broadened beyond a single dominant chipmaker to lift memory suppliers, CPU producers and other vendors that provide networking and infrastructure components.