Micron Technology Continues its Uptrend, Fueled by AI Enthusiasm and Strong Earnings Report

Micron Technology Stock Sees Rise in Value Today

Micron Technology (MU 8.34%) was on the rise again on Monday, as the memory chip specialist continued its upward trend following a strong earnings report. The company was deemed an AI winner by Barron’s and several other AI stocks also moved higher, despite a lower broad market. As of 12:04 p.m. ET, Micron had climbed 7.8%.

Micron has been on a rollercoaster ride in recent years, struggling with a secular downturn in the semiconductor industry. However, last week’s earnings report painted a different picture, making it clear that the company is turning the page on these challenges. Revenue jumped 58% to $5.82 billion, and it reported an adjusted profit of $476 million, or $0.42 per share, well above a loss of $2.08 billion in the quarter a year ago. CEO Sanjay Mehrotra said, “We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI.”

What seemed to drive Micron stock higher again today was a bullish endorsement in Barron’s over the weekend as the newsletter called it one of the best and least appreciated long-term opportunities in the AI boom. Several other AI stocks were also moving higher, including Super Micro Computer and Arm Holdings, signaling investor enthusiasm for the sector is persisting.

Looking ahead to the fiscal third quarter, management expects the recovery to continue, calling for $6.6 billion in revenue

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