Micron Technology (NASDAQ: MU) is one of the world's leading producers of DRAM and NAND memory chips. It went through several boom-and-bust cycles in its 40-year history as a public company, but it still turned a $1,000 investment in its initial public offering into nearly $57,000.

Micron now has a market cap of $88 billion. It's still smaller than Intel and Advanced Micro Devices, which are worth $184 billion and $281 billion, respectively; and Nvidia, which recently saw its market cap hit $1.8 trillion.

But could Micron surprise investors and become the next trillion-dollar chipmaker by the end of this decade? Let's review its business model, growth rates, and valuations to decide.

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Source Fool.com