Why Micron Rocketed to All-Time Highs Today
Shares of DRAM and NAND flash giant Micron Technology (NASDAQ: MU) rocketed to close almost 9% higher on Wednesday, reaching all-time highs.
Micron is one of only a handful of companies with the ability to produce DRAM and NAND flash memory at scale. While that business has been wildly cyclical in the past, it seems that artificial intelligence (AI) data centers, in particular the Stargate project from OpenAI, is leading to skyrocketing demand for memory and storage, leading to a bullish "supercycle."
On Wednesday in South Korea, ChatGPT owner OpenAI announced a sweeping deal with South Korea's Samsung and SK Hynix, which are the only two global companies besides Micron that make both DRAM and NAND flash.
Source Fool.com
Micron Technology Inc. Stock
€195.70
3.020%
The stock is an absolute favorite of our community with 98 Buy predictions and no Sell predictions.
As a result the target price of 205 € shows a slightly positive potential of 4.75% compared to the current price of 195.7 € for Micron Technology Inc..
