It was his "groundbreaking contributions to probability theory and functional analysis, with outstanding applications in mathematical physics and statistics" that earned him this prestigious award. It recognizes, in particular, three fields in which he excels. First, the supremum (largest value) of stochastic processes, which generate sequences of random values, such as wave heights at a beach: this helps us better understand the maximum height of future waves. Second, the concentration of measure, in other words, the "law of large numbers," where probability is interpreted as the frequency with which an event occurs. Finally, spin glasses, metallic alloys containing a small number of magnetic impurities distributed randomly throughout the alloy, each with its own spin (somewhat akin to angular momentum): Michel Talagrand rigorously analyzed their behavior, drawing on his deep knowledge of probability and statistics, and devoted an English-language book to them in 2003 (Spin Glasses: A Challenge for Mathematicians, Springer).
This prestigious award adds to the ten or so prizes Michel Talagrand has already received for his work.