Micron Technology reported that revenue more than quadrupled in its fiscal third quarter, driven by surging demand for memory chips tied to the artificial intelligence boom.
The memory maker’s results underscore the continued strength of the AI infrastructure build-out, with both revenue and profit figures exceeding analyst expectations.
Micron shares jumped approximately 10% in after-hours trading following the release of the quarterly financial results.
The market reaction was immediate and sharp.
Micron shares jumped approximately 10% in after-hours trading following the release of the quarterly financial results.
This move extends a remarkable run for the stock, which has surged roughly 700% over the past year as investors have bet heavily on the memory sector's role in powering generative AI workloads.
The quadrupling of revenue highlights the intensity of the current memory crunch.