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Micron Technology (NASDAQ: MU) has seen its stock surge 78% this year, attributed to increased demand for its memory chips amid the growing AI market. The company is set to report its fiscal 2025 fourth-quarter results on September 23, 2023, for the three months ending August 28.
Micron increased its revenue guidance for Q4 by $500 million to $11.2 billion and raised non-GAAP earnings expectations to $2.85 per share, signaling a potential 45% year-over-year revenue increase. Its growth is propelled largely by heightened demand for high-bandwidth memory (HBM) chips in various sectors, including data centers and AI applications.
Additionally, the smartphone market is projected to grow by 1.2% in the coming year, with generative AI-capable devices expected to comprise 30% of the global market, while AI PC shipments are anticipated to increase by 84% to 143 million units next year, further illustrating Micron’s potential for growth.
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