US chipmaker Micron reported strong results Wednesday to top off a multi-day tech stock whipsaw.
The companyâs third quarter revenue beat expectations by more than 15%, as AI infrastructure demand remains insatiable. A âsomewhat obscureâ company last June, Reuters noted, Micron is now âa Wall Street darling,â CNBC wrote, thanks to the AI-fueled demand for memory chips that has lifted its valuation past $1 trillion; the company recently signed a supply deal with Anthropic.
Micron said it expects demand for memory chips to outpace supply through at least 2027. The firmâs stock price shot up in after-hours trading, but not enough to erase recent losses in a global tech rout driven by investorsâ AI jitters.