Micron stock jumps 5% as AI boom fuels memory demand optimism
Micron Technology shares rose 5% on optimism around AI-driven demand for memory and storage, fueled by Seagate Technology's strong earnings report. Analysts remain bullish on Micron, citing a longer-than-usual memory cycle driven by AI deployments.
Micron Technology shares jumped 5% as Seagate Technology's strong earnings report lifted sentiment across memory and storage stocks. Seagate's Q3 earnings beat estimates, with revenue growing 41% YoY, and guided Q4 revenue higher. Analysts turned more bullish on Micron, citing sustained demand growth driven by AI deployments. DA Davidson initiated coverage with a Buy rating and a $1,000 price target, while TD Cowen raised its price target to $660. Micron's stock shows strong upward momentum, trading near 52-week highs with a 'golden cross' intact. The company's DRAM and NAND products are in demand for data centers, mobile devices, and automotive markets.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.