Micron Poised to Ride AI Boom at Lower Cost Than Nvidia
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Nvidia stock has surged over 200% in 2023 due to booming AI chip demand, but its valuation looks expensive. Micron could be a cheaper alternative to benefit from AI growth.
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Micron is seeing improved memory market conditions thanks to early adoption of generative AI, which is driving more demand.
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Micron expects to supply high-bandwidth memory chips to Nvidia's new AI accelerators launching in 2024.
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Micron forecasts growth across data center, PC, and smartphone segments in 2024 aided by AI adoption.
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Analysts estimate Micron's revenue could jump 48% in 2024. Its cheap valuation could allow the stock to surge over 40%.