Micron Stock Price Boosts Markets Amid Tech Stock Rally
Micron's Earnings Propel Markets Forward
Micron is stealing the spotlight in the AI stocks sector as the markets rally following its latest earnings results. Investors rejoiced as the chipmaker reported revenues of $7.75 billion, a phenomenal 93% increase from the previous year, significantly exceeding the anticipated $7.65 billion.
Investor Optimism Following Earnings
Micron's earnings per share stood at $1.18 compared to the expected $1.11, fueling a surge in its stock price. On Thursday, shares climbed by up to 20%, although they settled with a 14% increase by midday in New York.
- Key Metrics:
- Revenue: $7.75 billion
- Year-on-Year Growth: 93%
- Earnings per Share: $1.18
Broader Impact on Technology Stocks
The optimism surrounding Micron has been evident in a broader rally among tech stocks, including major players like Nvidia, Intel, and Super Micro Computer. Additionally, Wall Street has reacted by raising its price target for Micron to $250 per share, indicating a potential 123% upside from current levels.
- Key Players in the Rally:
- Nvidia
- Intel
- Super Micro Computer
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