Most ASX investors have heard of the Magnificent 7, I'd wager. That catchy label refers to seven of the largest tech stocks in the world that all call the United States of America home. These US tech stocks have been incredibly lucrative investments in recent years.
You probably don't need reminding, but Nvidia Corp (NASDAQ: NVDA), Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), Amazon.com Inc (NASDAQ: AMZN), Meta Platforms Inc (NASDAQ: META), and Tesla Inc (NASDAQ: TSLA) are all dominant forces in the global economy. Each has carved out an enduring presence in the personal and professional lives of people all around the world.
And each has delivered eye-watering returns over varying lengths of time.
However, a recent look at the top echelons of the US markets has prompted me to ponder that perhaps the 'Magnificent 7' is becoming an outdated label. Thanks to the rise of another high-flying US tech stock, we might have to expand it to the 'Magnificent 8', or perhaps the 'Electric 8' for the innovators.
The US tech stock I'm referring to goes by the name of Micron Technology Inc (NASDAQ: MU).
Image source: Getty Images
A new titan of a US tech stock?
Micron is a semiconductor company that manufactures chips, memory, drives, and other data processing and storage products.
To put it simply, this company has gone parabolic in recent months, as have many semiconductor and chip stocks. One year ago, you could have picked up this US tech stock for US$122.24 a share. By the start of 2026, Micron shares were asking US$315.42. Today, one Micron share will set you back a whopping US$991.64.
That means Micron is up almost 215% year to date, and up a jaw-dropping 705.5% over the past 12 months.
These gains give the company a market capitalisation of US$1.11 trillion today. So we have another trillion-dollar tech stock at the top of the US markets. This puts Micron as the tenth-largest stock in the entire S&P 500 Index (SP: .INX), and thus in the popular iShares S&P 500 ETF (ASX: IVV) index fund. This US tech stock is also now the third-largest holding in the also popular BetaShares Nasdaq 100 ETF (ASX: NDQ).
Even if you don't own Micron shares, or these ASX exchange-traded funds (ETFs), directly, it's likely that your superannuation fund now has a significant Micron investment.
As such, we'd all better keep an eye on this US tech stock.
