Micron Soars to Record High as AI Boom Fuels Memory Chip Demand

• Micron Technology (MU) stock soared Thursday after the memory-chip maker smashed estimates and guided higher thanks to robust AI infrastructure spending. Micron hit a record high.

• Micron's results were lifted by an AI boom driving demand for its memory chips from data centers and edge devices. Its CEO cited multiyear growth from AI transformation.

• Analysts raised Micron's price targets after earnings, citing secular growth from AI, increasing memory prices, and strong demand outlook. One called it an "AI semi FOMO trade."

• Micron's HBM memory chips are completely sold out through 2024, with most 2025 supply also allocated, benefiting from insatiable AI compute demand.

• Micron's CEO said its memory will play a key role in achieving artificial general intelligence, the ultimate goal for AI to match broader human cognition.