Micron Technology Rides AI Wave with Record Earnings, Defying Sector Concerns
Micron Technology shares surged over 5% in extended trading after delivering fiscal first-quarter results that shattered analyst expectations. The memory chipmaker posted adjusted earnings of $4.78 per share against a $3.96 consensus estimate, with revenue jumping 60% year-over-year to a record $13.64 billion.
CEO Sanjay Mehrotra positioned the company as an "essential AI enabler," citing growing demand from AI chipmakers like Nvidia and AMD. Micron's data center business shows particular strength, reinforcing its status as a prime pick-and-shovel play in the AI infrastructure boom.
Second-quarter guidance suggests continued momentum, with projected earnings between $8.22-$8.62 per share on $18.3-$19.1 billion revenue. This performance stands in stark contrast to broader tech sector anxieties about an AI bubble, demonstrating the selective nature of the current market rally.
