Why Micron Stock Exploded 40% Higher in September
Even before 's (NASDAQ: MU) earnings report on Sept. 23, shares of the memory chip manufacturer had already logged an impressive month-to-date gain. Strong results and guidance ultimately led the stock even higher to close out September. Micron stock gained 40.6% last month, according to data provided by S&P Global Market Intelligence, largely thanks to booming demand for artificial intelligence data centers.
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Two things related to AI are happening within the memory chip market. First, demand for high-bandwidth memory, a special type of dynamic random-access memory critical for AI accelerators, is exploding. Mega-deals involving OpenAI, , Nvidia, and other tech giants to build massive AI data centers will require equally massive quantities of HBM chips.
Source Fool.com
Micron Technology Inc. Stock
The stock is one of the favorites of our community with 137 Buy predictions and 1 Sell predictions.
However, we have a potential of -0.9% for Micron Technology Inc. as the target price of 386 € is below the current price of 389.5 €.
