Micron Technology forecast fourth-quarter revenue above Wall Street estimates on Wednesday, betting on robust demand for its memory chips used for artificial intelligence hardware in data centers.
Shares of the memory chipmaker rose 6.7 per cent in extended trading.
Micron is positioned as a key player in the AI memory market. Its high-bandwidth memory chips are used in some of the most advanced artificial intelligence systems, including data centers.
Many cloud companies, such as Google, have reaffirmed their investments this year to expand AI infrastructure, underscoring strong demand for AI-related products.
Micron said it expects revenue of $10.7 billion, plus or minus $300 million, in the fourth quarter, compared with analysts’ average estimate of $9.88 billion, according to data compiled by LSEG.
