Reported 11 days ago
Micron Technology's stock soared over 13% following a strong revenue forecast driven by high demand for its high-bandwidth memory chips, essential for generative AI technologies. This surge added over $14 billion to Micron's market capitalization, reflecting optimism for the tech sector as other chip companies also initially saw gains, despite some pullbacks due to a U.S. Department of Justice inquiry into a major client. Analysts noted a significant rebound in Micron's projected gross margins, further reinforcing positive market sentiment.
Source: YAHOO