Micron Technology's stock skyrocketed by 14.7% following the release of its fourth-quarter fiscal 2024 results, marking a significant turnaround for the semiconductor giant. The company reported a staggering 93% increase in revenue, reaching $7.75 billion, far surpassing analyst expectations. This remarkable growth, the strongest in over a decade, was primarily driven by robust demand for high-performance memory chips used in artificial intelligence applications. Micron's net profit of $1.342 billion represented a dramatic shift from the previous year's loss, underscoring the company's successful return to profitability.
Optimistic Outlook Boosts Tech Sector
The positive momentum extended beyond Micron, influencing the broader technology landscape. The Philadelphia Semiconductor Index surged by 3.5%, reflecting the industry's bullish sentiment. Micron's optimistic forecast for the current quarter, projecting revenues between $8.5 and $8.9 billion, further bolstered investor confidence. This upbeat outlook, rooted in the increasing demand for AI-centric memory solutions, particularly HBM chips, suggests a potential resurgence in the semiconductor sector, with companies involved in AI and 5G technologies poised to benefit significantly.
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