Micron Sees Biggest Rally Since 2011 After AI Boosts Outlook
- Sales outlook far exceeds what analysts were estimating
- Micron is one of ‘biggest beneficiaries’ of AI boom, CEO says
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Micron Technology Inc., the largest US maker of computer memory chips, posted its biggest gain in more than 12 years after giving a surprisingly strong sales forecast, buoyed by demand for artificial intelligence hardware.
Fiscal third-quarter revenue will be $6.4 billion to $6.8 billion, the company said in a statement Wednesday. That compares with an average analyst estimate of $5.99 billion. Micron will have earnings of about 45 cents a share, minus certain items. Analysts projected 24 cents.