Key Takeaways
- Micron Technology shares advanced in premarket trading Thursday, a day after the memory chip manufacturer reported better-than-expected fiscal third-quarter results.
- The chipmaker reported record quarterly revenue, with sales of its AI-related products more than doubling year-over-year.
- Earlier this month, Micron said it would spend $200 billion to increase its U.S. semiconductor production and research and development.
Micron Technology (MU) shares advanced in premarket trading Thursday, a day after the memory chip manufacturer reported better-than-expected fiscal third-quarter results.
The company reported record quarterly revenue of $9.30 billion, with data center sales more than doubling from a year ago. Sales and profit handily topped analysts’ estimates, and the company’s fourth-quarter projections also were higher than consensus projections.
Micron is among several chipmakers whose sales have skyrocketed amid booming artificial intelligence demand. Earlier this month, the company said it would invest $200 billion to boost its U.S. semiconductor production and enhance its research and development (R&D) programs.
Shares of Micron, which entered Thursday more than 50% higher year-to-date, were up 2% about 90 minutes before the opening bell.