Why Micron Technology Stock Surged 16.5% Last Month
Micron is up more than 250% year to date, and it's set to release a crucial quarterly report at the end of September.
In August, Micron Technology (NASDAQ: MU) stock experienced a 16.5% surge, outperforming the S&P 500's 2.6% and Nasdaq Composite's 3.9% gains. This rebound was fueled by strong quarterly results from Nvidia, a major player in the artificial intelligence (AI) hardware market. Nvidia's Q2 earnings exceeded expectations, with non-GAAP earnings per share of $2.22 on $96.22 billion in revenue.
The company is expected to grow its revenue by around 70% in the next fiscal year, significantly outpacing Wall Street's average estimate of 44%. As a provider of memory chips for Nvidia's AI processors, Micron stands to benefit from the strong demand outlook for Nvidia's processors. When Micron releases its fiscal fourth-quarter report on September 30, it will face a crucial test for its stock and the AI hardware market.
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- Why Micron Technology Stock Surged 16.5% Last Month finance.yahoo.com
