Micron Technology (MU 4.47%) stock is rising Wednesday. The company's share price was up 4.5% as of 1:45 p.m. ET amid flat trading for the S&P 500 index and a gain of 0.3% for the Nasdaq Composite index.

After recent sell-offs, Micron is regaining some ground in today's trading. In addition to more bullish momentum for the broader market, the company's share price is also seeing gains in conjunction with a bullish rebound for Nvidia stock.

Micron stock gains in the hours before Nvidia's Q4 report

Nvidia is scheduled to publish its fourth-quarter results after the market closes today, and it would be an understatement to say that stakes are high. The company's Q4 results and guidance for the current quarter will likely have a significant impact on the market's appetite for growth-dependent tech stocks. Micron is also a components supplier for some of Nvidia's most advanced graphics processing units (GPUs) for artificial intelligence (AI)

Nvidia is bouncing back from a recent valuation pullback today as investors become more confident with its earnings report just around the corner. The AI hardware giant's share price is also gaining ground thanks to reports that orders for the company's H20 chip from Chinese customers have been surging. Micron is seeing gains that coincide with these catalysts.

What's next for Micron?

Micron appears to be in the early stages of benefiting from long-term demand catalysts tied to the rise of artificial intelligence. The company's high-bandwidth-memory (HBM) solutions have become preferred components for Nvidia's most advanced processors for AI data centers, and strength in this relatively new product category could have a transformative impact on the memory-chip and storage-solutions specialist. Micron's business will still be heavily shaped by cyclical trends, but HBM sales look poised to significantly raise the performance floors and ceilings on the company's sales and earnings cycles.