Micron Technology, a US chipmaker, has posted blockbuster quarterly results, with a surge in profit 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.
Investor Confidence Boosted
The company’s strong performance has boosted investor confidence in AI stocks, which had taken a hit earlier in the week. Micron’s stock rose by more than 16% in pre-market trade on Thursday.
Micron is a maker of memory semiconductor chips, a type of chip used by AI companies to run their models, which are in short supply globally. The company’s customers have committed $22 billion to secure supplies of its chips.
The news has had a positive impact on the global market, with the tech-heavy Nasdaq and the S&P 500 up 2.15% and 0.75% respectively in pre-market trade. Europe’s benchmark Stoxx 600 index was up 0.6% by early afternoon local time.
Original reporting: El Paso News (HLL/CB) — read the source article.
