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Micron Leads Tech Stocks Rally on Blowout Earnings
Yahoo Finance • • general
Key Points:
- Micron Technology shares surged about 10% following strong fiscal third-quarter results and bullish analyst reactions, highlighting increased demand for AI-related DRAM.
- The company announced 16 strategic customer agreements, further boosting investor confidence.
- The rally extended to other memory stocks, with Sandisk rising 13%, SK Hynix jumping 13% after plans for a $29.4 billion U.S. listing, and Samsung Electronics gaining 5%.
- Despite Micron's gains, the broader market was mixed: the Nasdaq fell 0.35%, the S&P 500 rose 0.29%, and the Dow increased nearly 1.3%.
- Other chipmakers like Nvidia, AMD, and Broadcom declined, while Qualcomm gained 4% after projecting data-center revenue above $15 billion by 2029.
