Micron Technology Surges to Record High on Strong AI Demand Forecast

Thursday, 21 March 2024, 13:56
Micron Technology reached a record high after announcing a robust revenue forecast, driven by increasing demand for AI hardware. The company's high-bandwidth memory chips, crucial for AI applications, are already sold out for 2024, signaling a strong market response. Analysts predict substantial revenue growth in 2024 and 2025, attributing it to the company's key role in the AI adoption.
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Micron Technology Surges to Record High on Strong AI Demand Forecast

Micron Technology's Surging Success

Memory chipmaker Micron Technology surged to a record high after forecasting strong revenue growth, fueled by escalating demand for AI hardware. The company revealed that its high-bandwidth memory (HBM) chips, essential for AI applications, are already fully booked for 2024.

Optimistic AI Hardware Market

Analysts project a significant revenue increase of 55% in 2024 and 35% in 2025, underscoring the positive outlook for Micron Technology's future. Chief Investment Officer Mark Haefele from UBS Global Wealth Management expects a V-shaped recovery in the industry, emphasizing the role of memory chips in AI adoption.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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