Micron Gains the Most in 13 Years After AI Boosts Forecast
- Company’s high-bandwidth memory helps train AI systems
- Outlook for sales and profit comes in well ahead of estimates
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Micron Technology Inc., the largest US maker of computer memory chips, gained the most in nearly 13 years after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence gear.
Fiscal first-quarter revenue will be about $8.7 billion, the company said in a statement Wednesday. That compares with an average analyst estimate of $8.32 billion. Profit will be about $1.74 a share, minus certain items, versus a projection of $1.52.