Micron Technology Sees 16.5% Stock Increase After Nvidia’s Strong Performance
Micron Technology (NASDAQ: MU) experienced a 16.5% rise in its stock price in August 2023, following a bullish sentiment in the broader market. The company’s recovery was fueled by Nvidia’s impressive Q2 quarterly report released on August 26, which showcased non-GAAP earnings of $2.22 per share on revenues of $96.22 billion, surpassing analyst expectations.
Micron is set to report its fiscal Q4 results on September 30, with projections of around $50 billion in revenue for the quarter. The company’s stock remains up approximately 256% year-to-date, although it is down 16% from its peak. Given the strong demand for high-performance memory chips used in AI applications, expectations are high ahead of this significant earnings report.
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