Micron soars 16% after blockbuster earnings, lifting some chip stocks

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Micron stock soared on Thursday after the memory maker reported blockbuster third-quarter earnings as the artificial intelligence boom causes demand for memory to surge. Shares climbed as high as 19%, pushing Micron's market cap above Meta and Tesla among the most valuable U.S. companies. The stock later pared those gains. The company's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in its fiscal third quarter, it reported on Wednesday. Revenue came in higher than analyst expectations of nearly $36 billion, according to LSEG consensus estimates. The company is now forecasting revenue of about $50 billion for the current quarter, an increase from $11.3 billion in the prior year.

Stock Chart Icon Stock chart icon Micron shares over the past year.

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