Pc reminiscence chipmaker Micron Technology (MU) delivered blowout Q3 earnings on Wednesday, lifting your entire AI reminiscence sector, AI-related shares and even giving crypto a slight increase.
Bitcoin climbed again above $60,000 after markets closed, however bullish AI sentiment will in the end pull extra liquidity away from crypto.
Micron shares surged 16% in premarket buying and selling on Thursday after the reminiscence chipmaker’s third quarter steerage exceeded Wall Avenue expectations. Third-quarter income got here in at $41.5 billion versus estimates of $35.7 billion, whereas earnings per share (EPS) reached $25.11 in contrast with expectations of $20.49.
Reminiscence chips have change into the spine of AI infrastructure, notably high-bandwidth reminiscence (HBM), which is important for coaching and operating giant AI fashions. CEO Sanjay Mehrotra advised analysts there was “no line of sight” to when provide would meet up with demand, with the scarcity anticipated to persist properly past 2027.
The corporate additionally issued robust fourth quarter steerage, forecasting income of roughly $50 billion, properly forward of Wall Avenue expectations of $43.2 billion.
The AI growth has weighed closely on the crypto market this yr, with bitcoin now greater than 50% beneath its October all-time excessive, buying and selling on the $60,000 degree.
