Micron forecasts upbeat quarterly revenue as AI boom boosts demand for memory chips

Quick Summary:

:Micron Technology forecast first-quarter revenue ahead of Wall Street estimates and reported fourth-quarter revenue growth that was the highest in more than a decade on the back of booming demand for its memory chips used in the AI industry.

The company's shares, which have gained about 12 per cent this year, were up more than 13 per cent after the bell.

The AI boom has also helped Micron cushion the hit from a memory chip inventory glut in PC and smartphone markets.

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Category: EconomyBusiness

Markets: SingaporeChinaSouth Korea

Topics: Revenue Company Memory Forecast Demand Micron Data Cent Chips Chip Technology

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-26 @ 04:08:40 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 394 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 22711407

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