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Micron Technology’s Growth Amid AI Demand
Micron Technology (NASDAQ: MU) has experienced a 175% increase in its stock price year-to-date, driven by rising demand for memory chips due to the growth of artificial intelligence (AI) industries. The company’s revenue for the fiscal year ended in September 2023 reached $37.4 billion, with a net income of $8.5 billion, marking an impressive 50% increase.
The global demand for DRAM memory is expected to keep growing substantially, with projections indicating an increase of over 20% annually through 2032, making the total market value exceed $450 billion. Analysts suggest that Micron’s strong pricing power may last longer than anticipated, potentially creating a “supercycle” in the memory market.
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