Micron Technology designs, manufactures, and sells memory (DRAM, NAND) and storage products, including high-bandwidth memory for AI accelerators.
TSMC is the world's largest dedicated semiconductor foundry, manufacturing advanced chips for fabless companies like Apple, Nvidia, and AMD.
The Verdict: Micron vs TSMC
Micron and TSMC both sit at the center of the AI chip boom but make different products. TSMC, founded in 1987 in Hsinchu, Taiwan, is the world's largest dedicated semiconductor foundry — it manufactures the advanced logic chips Nvidia, Apple, and AMD design — with a market cap of roughly $2.224T and FY2025 revenue of about $122.9B, up 31.6% year over year. Micron, founded in 1978 in Boise, Idaho, designs and sells memory and storage chips (DRAM, NAND, and the high-bandwidth memory used in AI accelerators), with a market cap near $1.148T and FY2025 revenue of about $37.4B, up nearly 50% year over year.
TSMC is roughly 1.9x Micron on market cap and about 3.3x on revenue, reflecting its position as the single foundry almost every AI chip designer depends on, versus Micron's role as one of a smaller set of memory suppliers (alongside Samsung and SK Hynix) feeding those same AI systems. Both are growing fast on AI demand, but TSMC captures value from chip design-and-manufacture while Micron captures it from the memory that sits alongside those chips. Readers tracking the foundry chokepoint should watch TSMC; readers tracking AI memory pricing and supply should watch Micron.
Frequently asked questions
Is TSMC bigger than Micron?
Yes. TSMC's market cap of about $2.224T is roughly 1.9x Micron's $1.148T, and TSMC's FY2025 revenue (~$122.9B) was about 3.3x Micron's (~$37.4B).
What's the difference between Micron and TSMC?
TSMC is a foundry that manufactures chips designed by other companies (Nvidia, Apple, AMD). Micron designs and manufactures its own memory and storage products — DRAM, NAND, and high-bandwidth memory for AI accelerators. They're both critical to the AI chip supply chain but occupy different layers of it.
Why is Micron's revenue growing so fast?
Micron's FY2025 revenue rose nearly 50% year over year, driven largely by demand for high-bandwidth memory used in AI accelerators.
Data from Value Add Pulse coverage and company research — see the full threads for Micron and TSMC.