Micron jumps 16% after AI-driven forecast tops Wall Street
What's new: Micron projected fiscal fourth-quarter revenue of about $50 billion, far above the $43.2 billion analysts expected.
Micron Technology surged about 16% in late trading after the US memory-chip maker forecast fiscal fourth-quarter sales of roughly $50 billion, handily beating Wall Street estimates and easing concerns that AI spending was cooling. The company expects profit of about $31 a share, excluding some items, above the $25.31 analysts projected. For the fiscal third quarter ended May 28, Micron posted revenue of $41.5 billion and earnings of $25.11 a share, both ahead of expectations. Chief Executive Sanjay Mehrotra said demand for memory, including high-bandwidth memory used in AI systems, remains stronger than supply and that tight availability could last beyond 2027.