Micron stock surges while earnings beat expectations on AI demand
Micron just had a massive year: its stock had risen roughly 275% year to date, and it was up 1.73% after hours after reporting better-than-expected earnings.
The company pulled in $54.23 billion in revenue and earnings of $33.42 per share, way above what analysts expected and miles ahead of last year's numbers.
The big reason? Huge demand for memory chips that power AI technology.
Micron forecasts $60B-$63B Q2 revenue
Looking ahead, Micron expects even more growth with projected revenue of between $60 billion and $63 billion for the second quarter.
They're also planning to invest up to $10 billion over the next 10 years to build a long-horizon research institution in Boise, Idaho, focused on memory and AI.
This chip boom is shaking up the whole tech market: other companies like Samsung are benefiting too, and rising chip costs are even making gadgets like the iPhone pricier for everyone.