Why Micron Technology Stock Is Surging Today
Shares of Micron Technology (NASDAQ: MU) were spiking in early trading on Thursday, up as much as 7.4% in early trading before settling into a 5% gain as of this writing. Keep in mind that this price spike came after a big gain yesterday as well as with the tech sector snapping back from its January swoon.
However, Thursday's rise was more sector-specific, having to do with production issues at a main competitor, as the broader tech index was down today. Given that there are only a handful of big memory-chip suppliers globally, any disruption at one site could lead to short supply and a rise in memory chip prices for everyone else.
A machine producing chips. Image source: Getty Images.
Source Fool.com
