Micron Technology, the largest US maker of computer memory chips, reported a surge in revenue and profit driven by robust memory demand. Fiscal third-quarter revenue reached nearly $42 billion, quadrupling from just over $9 billion a year earlier and beating Wall Street estimates by a wide margin.
The results signal that the AI-fueled growth run remains strong. The company's quarterly sales forecast crushed Wall Street estimates, causing the stock to surge in late trading.
This earnings report follows a period of significant growth, with the memory maker's stock price surging roughly 700 percent over the past year.
The report arrived at a critical time as investors had become on edge regarding the sustainability of the AI rally, making this one of the most important earnings reports in months.