Micron Surges with Strong Quarterly Results Amid Steady AI Revenue Outlook 📈
Micron's shares dipped 7% after surpassing quarterly earnings expectations, while maintaining a stable revenue forecast driven by AI product demand.
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Micron shares fell about 7% after the company reported better-than-expected quarterly results, but the revenue forecast was in line with estimates for the current quarter. Micron's CEO highlighted strong demand for AI-focused products but said the smartphone and PC markets remain sluggish. Micron's most advanced memory is needed for AI chips like Nvidia's GPUs, positioning it to benefit from growing AI application demand. Micron's stock has more than doubled in the past year as the company capitalizes on artificial intelligence trends in data centers and computing.
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Jun 27, 2024
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