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Micron Technology’s stock jumped 16% in pre-market trading on Thursday following an optimistic revenue forecast for the upcoming quarter, projected between $8.5 billion to $8.9 billion, surpassing analysts’ expectations of $8.3 billion. The company attributes this to a favorable pricing environment and high demand for its memory chips in AI data centers.
CEO Sanjay Mehrotra highlighted that AI is creating exciting opportunities for memory and storage, marking the best positioning in Micron’s history. In its fiscal fourth quarter, Micron reported revenue of $7.75 billion, a 93% year-over-year increase, and adjusted earnings per share of $1.18, both surpassing analyst expectations.
Micron’s growth is fueled by partnerships with key industry players like Nvidia, supplying memory chips for Nvidia’s GPUs, which are in high demand for AI applications.
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