{"id":5211,"date":"2024-03-23T06:00:10","date_gmt":"2024-03-23T04:00:10","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5211"},"modified":"2024-03-23T06:00:10","modified_gmt":"2024-03-23T04:00:10","slug":"micron-eyes-record-high-as-ai-demand-powers-strong-forecast","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5211","title":{"rendered":"Micron eyes record high as AI demand powers strong forecast"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/micron-eyes-record-high-as-ai-demand-powers-strong-forecast.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Memory chipmaker Micron Technology (MU.O) surged 18 per cent earlier this week and was set to open trading at a record high after its strong revenue forecast fanned optimism that soaring demand for AI hardware would drive up growth at the Nvidia supplier.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-636108479\">\n<div id=\"cypru-114755443\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-8073368248282-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Other chip firms such as Western Digital (WDC.O), Advanced Micro Devices (AMD.O) and Broadcom (AVGO.O) also rose between 1.9 per cent and 7.1 per cent before the bell as Micron, which reports earnings before its peers, helps in gauging broader semiconductor demand.<br \/>\nThe company said on Wednesday its high-bandwidth memory (HBM) chips, which refer to ultrafast semiconductors used in the development of AI applications, were sold out for 2024. A majority of its 2025 supply has also been allocated, it added.<br \/>\n\u201cMemory is a key beneficiary of AI adoption and we expect a V-shaped recovery in the industry, with revenues expected to grow by 55 per cent in 2024 and 35 per cent in 2025,\u201d said Mark Haefele, chief investment officer at UBS Global Wealth Management.<br \/>\nMicron, one of the two suppliers of HBM chips to Nvidia (NVDA.O) along with South Korea\u2019s SK Hynix (000660.KS), was set to add nearly $19 billion to its market value, based on its premarket share price of $113.40.<br \/>\nOn Wednesday ahead of results, Micron was trading at about 24 times its 12-month forward earnings estimates, compared with 14.53 for smaller rival Western Digital.<br \/>\nMicron\u2019s shares have surged more than 60 per cent in the past 12 months, buoyed by investor confidence that the company will grow its share of the high-margin HBM market this year and the next.<br \/>\nMicron\u2019s chief business officer, Sumit Sadana, told Reuters on Wednesday the company had signed up new customers for its HBM products that it was yet to announce.<br \/>\nIts current-quarter forecast for adjusted gross margin of 26.5 per cent, plus or minus 1.5 per cent, was also above market estimates of 20.8 per cent, as the relatively new HBM chips are in short supply, giving companies such as Micron more pricing power.<br \/>\n\u201cTight supply, increasing demand, normalization of excess inventory coupled with the increased size of HBM is driving dramatic improvements in pricing,\u201d Piper Sandler analysts said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Micron Technology&#8217;s stock surged 18% earlier this week and was set to open at a record high due to a strong revenue forecast, driven by high demand for AI hardware. Other chip firms like Western Digital, Advanced Micro Devices, and Broadcom also saw their stocks rise. Micron announced that its high-bandwidth memory (HBM) chips, crucial for AI development, are sold out for 2024, with most of its 2025 supply already allocated. The company, a supplier to Nvidia along with South Korea&#8217;s SK Hynix, is expected to add nearly  billion to its market value. Micron&#8217;s shares have increased over 60% in the past 12 months, with expectations of growing its share in the HBM market. The company&#8217;s forecast for adjusted gross margin is above market estimates, attributed to the tight supply and high demand for HBM chips.<\/p>\n","protected":false},"author":3,"featured_media":5212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[842,3105,186,2787,33,1498,3,2403,641,250,1991,2753,3104,1004,2357,3106,948,1682],"class_list":["post-5211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-ai","tag-ai-hardware","tag-business","tag-chip","tag-companies","tag-confidence","tag-cyprus","tag-driving","tag-earnings","tag-google","tag-industry","tag-investment","tag-memory-chips","tag-power","tag-revenue-forecast","tag-semiconductor-demand","tag-south-korea","tag-technology"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with 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