Perplexity AI co-founder and CEO Aravind Srinivas has predicted that semiconductor giant Micron Technology Inc. (NASDAQ:MU) could soon surpass Meta Platforms Inc. (NASDAQ:META) in market capitalization.

Srinivas argues that global tech dominance is shifting entirely toward hardware providers, explaining that severe physical supply chain constraints have become the primary factor determining Wall Street’s biggest artificial intelligence winners.

Capitalizing On Hardware Choke Point

Speaking in a recent podcast with Harry Stebbings, Srinivas explained that software platforms and AI models are facing rapid commoditization, shifting true economic leverage back to physical infrastructure.

The massive rise of autonomous AI agents has triggered an insatiable demand for high-performance memory (HPM) and enterprise processors, causing hardware supply chains to tighten globally.

“Whatever is the bottleneck will command the price,” Srinivas asserted, dismissing assertions that memory and infrastructure stocks have already peaked. He noted that hardware suppliers hold absolute pricing power because market demand vastly outstrips global manufacturing capacity.

$MU at $1 trillion market cap. Meta at $1.3-1.4 trillion. @AravSrinivas says Micron closes that gap in 6-12 months if HBM stays the binding constraint.On @twentyminutevc: every inference run needs HBM memory. That has pushed ...