Micron Technology stock surged following the June 24 release of its third-quarter earnings and fourth-quarter outlook, which crushed expectations and showed demand for memory chips is still soaring.
Shares of the chipmaker jumped nearly 16 percent on Thursday, closing the session at $1,213, with a market cap of nearly $1.37 trillion. At its intra-day peak of $1,255, its market cap briefly passed Meta and Tesla, making Micron the 11th-largest company in the world before falling behind the two companies at the market close.
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” Sanjay Mehrotra, president and CEO of Micron, said. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”…