finance
Micron Shares Jump 16% After Profit Surges 15-Fold
Micron Technology reported third-quarter profit of $28.2 billion, up nearly 15 times from a year earlier, and said customers had committed $22 billion for future chip supplies. The results reversed a sharp sell-off in AI-related stocks that hit markets earlier in the week.
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Micron Technology posted third-quarter profit of $28.2 billion, nearly 15 times the amount recorded in the same quarter a year earlier, after revenue rose 346 percent. The company, a major producer of memory chips used in AI systems, said customers had committed $22 billion to secure future supplies.
Micron shares rose more than 16 percent in pre-market trading on Thursday following the results. The stock had fallen 13 percent on Tuesday during a broader sell-off in AI-related companies.
225 index closed 4.6 percent higher and South Korea’s Kospi finished 5.4 percent higher on Thursday. The Kospi had dropped 10 percent on Tuesday, triggering a 20-minute trading halt. SK Hynix shares rose 13 percent after the company disclosed plans to list on the Nasdaq. Both SK Hynix and Samsung had fallen more than 12 percent on Tuesday.
“The level of volatility is a testament to how much investors have riding on the industry.”
Europe’s Stoxx 600 index was up 0.6 percent by early afternoon local time.
