"AI Demand Propels Micron to Record Highs and Strong Forecast"
Micron Technology's stock surged to a record high after the company's strong revenue forecast fueled optimism about the increasing demand for AI hardware, particularly its high-bandwidth memory (HBM) chips used in AI applications. The company's forecast for 2024 and 2025 indicates significant growth, with its HBM chips already sold out for 2024 and a majority of its 2025 supply allocated. This surge in demand is expected to drive a V-shaped recovery in the industry, with Micron's shares rising more than 60% in the past 12 months.