Micron Technology shares rise due to strong revenue forecast driven by high-bandwidth memory (HBM) chip demand for AI applications.
Micron Technology shares surge as AI demand boosts strong revenue forecast, with the chipmaker's high-bandwidth memory (HBM) chips, used in AI applications, sold out for 2024. Micron's revenue for the second fiscal quarter of 2024 was $5.82bn, a 50% increase from the previous year. The company anticipates further growth in memory and storage markets, driven by the increasing demand for AI. Micron forecasts revenue of $6.60bn for the third quarter, above market estimates. Analysts expect Micron's share of the high-margin HBM market to grow in 2024.
March 20, 2024
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