Micron’s AI-Fueled Forecast Triggers Biggest Rally Since April

Micron Technology Inc. kicked off its biggest single-day stock gain in more than eight months after delivering an upbeat forecast for the current quarter, signaling that surging demand and supply shortages are allowing the memory-chip maker to charge more for products.

Fiscal second-quarter revenue will be $18.3 billion to $19.1 billion, the company said in a statement Wednesday. Analysts had estimated $14.4 billion on average for the period. Excluding some items, profit will be $8.22 to $8.62 a share, compared with a projection of $4.71.