Posted 3/20/2024, 10:29:23 PM
Micron Shares Soar on Upbeat Revenue Outlook Driven by AI Chip Demand
- Micron Technology shares jumped 15% after giving a strong revenue forecast, citing AI demand
- Micron expects fiscal third-quarter revenue of $6.4B-$6.8B, well above estimates of $5.99B
- Micron CEO says the company is a major beneficiary of multiyear AI hardware growth
- Micron got first revenue from new high-bandwidth memory chips used in AI systems
- Micron competes with Samsung and Hynix in memory chips; expanding in data centers and cars
