Shares of Micron (NASDAQ: MU), the U.S.-based memory chipmaker, were moving higher today in sympathy with SK Hynix, the world's largest memory chip company, which hit an all-time high today after it announced the world's first HBM4 product.

Though SK Hynix is a competitor to Micron, the news was seen as a positive for the broader memory-chip industry, as it should spark more demand for HBM. It also comes during a week when artificial intelligence (AI) stocks have been flying higher after gave blowout guidance for cloud infrastructure growth earlier this year.

Micron stock closed up 4.6% on the news.

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Source Fool.com