New Delhi, June 25 -- Micron Technology edged past the market valuation of Meta Platforms and briefly Tesla's for the first time on Thursday, after the memory chipmaker's solid forecast helped extend its AI-driven ascent.

The company's shares were last up 18.4% at $1,236, giving it a market capitalization of $1.398 trillion, compared with Meta's $1.392 trillion. Tesla had a market value stood of $1.4 trillion. The stock later pared those gains.

Micron's strong forecast for the fourth quarter helped its stock recover after a recent decline. The company also revealed that customers have already committed $22 billion to secure future supplies of its memory chips.

Owing to the growing demand for AI-related hardware, Micron's market value c...