Micron Technology, a US chipmaker, posted blockbuster quarterly results, sending its stock up by more than 16% in pre-market trade. The company reported a surge in profit during its third quarter to $28.2 billion – almost 15 times more than what it made during the same quarter a year ago. Revenues soared 346% over the same period.
Investors React
Investors were dumping AI stocks on Tuesday, worried that frothy valuations may be running away from reality. However, after Micron’s report, they were believers again. The tech-heavy Nasdaq and the S&P 500 were up 2.15% and 0.75% respectively in pre-market trade.
Original reporting: KTVZ (Central Oregon) — read the source article.
