Important points
Micron Technology shares soared Thursday on a positive outlook, leading gains in Nvidia and other semiconductor stocks. Nvidia, its partner Micron and other semiconductor companies have seen their revenues and stock prices rise amid a boom in demand for infrastructure that supports AI. Micron CEO Sanjay Mehrotra said Wednesday that the company’s revenue has nearly doubled from a year ago and hit an all-time high. Expected revenue for this quarter.
Micron Technology (MU) shares soared on Thursday after the memory chip maker reported better-than-expected earnings and guidance, leading gains in Nvidia (NVDA) and other semiconductor stocks.
Micron’s stock rose more than 12% in intraday trading, and its partner Nvidia (NVDA) stock also rose before reversing. Advanced Micro Devices (AMD), Broadcom (AVGO) and Taiwan Semiconductor Manufacturing Company (TSM) also rose, pushing up the tech-heavy Nasdaq.
Micron’s sales soar due to “strong AI demand”
Nvidia, Micron and other semiconductor companies have seen their revenues and stock prices rise as demand for infrastructure to support artificial intelligence (AI) soars.
Micron CEO Sanjay Mehrotra said Wednesday that the company’s fiscal fourth quarter revenue nearly doubled from a year ago to $7.75 billion due to “robust AI demand.” .
Mehrotra also said that the company’s sales are expected to continue to grow and that he expects this quarter’s sales could reach a record high of between $8.5 billion and $8.9 billion. said.
Updated—September 26, 2024: This article has been updated to reflect more recent stock information.
