1 Semiconductor Stock to Buy Hand Over Fist After Micron Technology's Stellar Report
Micron Technology (NASDAQ: MU) wowed investors last week with an outstanding set of results for the second quarter of its fiscal 2024, reporting a massive jump in its revenue and a surprise profit, and this sent shares of the memory specialist soaring.
The chipmaker benefited from a jump in demand for memory chipsr. As a result, its revenue increased a massive 58% year over year to $5.8 billion. Micron is anticipating stronger year-over-year growth of 76% in its top line in the current quarter, driven by increased appetite for memory chips from artificial intelligence (AI) servers, smartphones, and personal computers (PCs).
The memory industry has witnessed a significant turnaround of late as demand for consumer electronics is back on track, while AI has created the need for advanced memory chips known as high-bandwidth memory (HBM). Micron management remarked on the latest earnings-conference call that its HBM capacity for 2024 is sold out, while the "overwhelming majority of our 2025 supply has already been allocated."
Source Fool.com
Micron Technology Inc. Stock
Our community is currently high on Micron Technology Inc. with 72 Buy predictions and 5 Sell predictions.
As a result the target price of 112 € shows a slightly positive potential of 6.93% compared to the current price of 104.74 € for Micron Technology Inc..
