US EditionMicron Shares Rise on Bets of Strong Demand for AI-Related Memory Chips
- Micron Technology Inc. reported fiscal third-quarter revenue of $9.3 billion on May 29, beating estimates and driven by record DRAM and AI-related memory chip sales.
- The revenue increase was driven by a substantial rise in sales of high-bandwidth memory chips, essential for AI processing, which grew by nearly 50% sequentially amid heightened spending on AI infrastructure.
- Micron's CEO Sanjay Mehrotra reported a record quarterly achievement in data center sales, which increased by over 100% compared to the previous year, while the company anticipates the adjusted gross margin to improve to 42% in the current quarter.
- The company forecasts fourth-quarter revenue near $10.7 billion and adjusted earnings around $2.50 per share, surpassing analyst projections of $9.88 billion and $2.01 respectively.
- Micron’s shares rose 51% year to date and the company expects ongoing growth from AI-driven memory demand, supporting disciplined investments in technology and manufacturing excellence.
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Stock futures rise as chips gain on Micron results; GDP data ahead
U.S. stock index futures rose on Thursday, signaling indexes were nearing their record peaks, as robust earnings from memory-chip maker Micron fueled optimism around artificial intelligence while investors awaited economic data.
·New Hampshire, United States
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Leaning Left3Leaning Right2Center5Last UpdatedBias Distribution50% Center
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