Micron Leads Tech Stocks Rally on Blowout Earnings

This article first appeared on GuruFocus.

Micron Technology (NASDAQ:MU) led memory and artificial intelligence chip stocks higher on Thursday after fiscal third-quarter results drew bullish analyst reaction and pointed to stronger AI-related DRAM demand. Micron Technology also said it had signed 16 strategic customer agreements.

Micron Technology shares rose about 10%, and the move spilled into other memory names. Sandisk climbed about 13%, Western Digital gained nearly 3% and Seagate Technology added about 2%. In South Korea, SK Hynix jumped about 13% after outlining plans to raise as much as $29.4 billion through a U.S. listing, while Samsung Electronics advanced around 5%.

Micron Technology’s rally came in a mixed broader market. The Nasdaq Composite fell about 0.35%, while the S&P 500 rose about 0.29% and the Dow climbed nearly 1.3%. Nvidia, Advanced Micro Devices and Broadcom slipped, while Qualcomm jumped about 4% after setting a 2029 data-center revenue target above $15 billion.