Why Micron Stock Is Soaring Today
Micron Technology (NASDAQ: MU) stock is posting big gains in Tuesday's trading. The memory chip and storage solutions company's share price was up 7.1% as of 2:30 p.m. ET. Meanwhile, the S 500 index was down 0.1%, and the Nasdaq Composite index was down 0.4%.
Micron's valuation is getting a big boost following a recent report that the company is ramping up its production of key components for Nvidia. The stock is also rising higher today in conjunction with news that the company is teaming up with Nvidia on another project and a new product announcement.
A recent report from Business Korea suggests that Micron is increasing its production of high-bandwidth-memory (HBM) solutions for Nvidia. Micron's 12-stack HBM3E solution is said to offer best-in-class performance, with 20% lower power consumption and 50% higher memory capacity compared to 8-stack offerings from competitors.
Source Fool.com
Micron Technology Inc. Stock
The stock is an absolute favorite of our community with 131 Buy predictions and no Sell predictions.
As a result the target price of 340 € shows a slightly positive potential of 8.7% compared to the current price of 312.8 € for Micron Technology Inc..
