Micron was the ninth-largest holding in the Vanguard S&P 500 ETF (VOO) at the end of September, making up 1.82% of the fund and placing it above Tesla at 1.52%. Because the S&P 500 is weighted by float-adjusted market value, Micron's weight rose with its share price, which has more than quadrupled in the past year and passed $1 trillion in market value on May 26. After shares fell about 8% since September 30, its weight in the State Street SPDR S&P 500 ETF Trust was 1.54% on October 26, below Tesla's 1.67% and outside the top 10. Revenue for the last quarter of fiscal 2026 reached $54.2 billion, up 379% year over year, with management expecting around $61.5 billion for the first quarter of fiscal 2027, and fiscal 2026 EPS came to $74.33. At about $983, the stock trades near 13 times earnings, versus 24.7 times for the Vanguard fund, and the article links this valuation gap to memory prices' long history of cycles.
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