Micron Technology (NASDAQ: MU) stock is posting big gains Thursday amid a positive indicator for its industry and bullish momentum for the broader market. The company's share price was up 5.7% as of 3 p.m. ET. The S 500 and the Nasdaq Composite were up 1.9% and 2.6%, respectively.

Micron's valuation is jumping today after fellow memory-chip player SK Hynix posted strong first-quarter results driven by artificial intelligence (AI) tailwinds. The company's stock is also getting a substantial boost from bullish market momentum spurred by trade hopes.

SK Hynix published its first-quarter results before the market opened today, and the performance came in significantly better than Wall Street anticipated. Even though the South Korean company is a competitor, its recent business momentum is likely a bullish demand indicator for Micron.

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Source Fool.com