Why Artificial Intelligence (AI) Stock Micron Technologies Stumbled Thursday !
Shares of Micron Technology (NASDAQ: MU) tumbled on Thursday, falling as much as 7.9%. As of 3:15 p.m. ET, it had recovered somewhat, though the stock was still down 5.9%. The catalyst that sent the memory and storage chipmaker lower was the company's quarterly financial report. Robust results For its fiscal 2024 third quarter (ended May 30), Micron generated revenue that surged 82% year over year to $6.8 billion, driving adjusted earnings per share (EPS) to $0.62, compared to a loss of $1.43 in the prior-year quarter. Analysts' consensus estimates were calling for revenue of $6.67 billion and adjusted EPS of $0.50, so Micron easily cleared both benchmarks. The company noted that the balance between supply and demand continued to improve, which helped increase pricing power. The results also got a boost thanks to "robust artificial intelligence (AI) demand." Record sales to data centers jumped more than 50% sequentially thanks to high-ma...