Micron gives upbeat sales forecast after AI helps fuel demand

Dina Bass / Bloomberg

21 Mar

Micron is seeing strong demand for components used in machines that develop and run artificial intelligence software.

Micron Technology, the largest US maker of computer memory chips, gave a strong sales forecast for the current quarter, bolstered by demand for artificial intelligence products.

Fiscal third-quarter revenue will be about US$8.8 billion ($11.75 billion), the company said in a statement Thursday.

That compares with an average analyst estimate of US$8.55 billion. Profit will around US$1.57 a share, excluding certain items, compared with the US$1.48 analysts expected on average.

Micron is seeing strong demand for components used in machines that develop and run artificial intelligence software. Its traditional markets — chips for phones and PCs — have been weaker. But they have been showing signs of recovery.

Micron shares, up 22% this year through Thursday’s close, jumped about 5% in extended trading following the announcement.

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