Why Artificial Intelligence (AI) Stock Micron Technologies Stumbled Thursday
How much did Micron's data center sales grow sequentially?
Micron's data center sales experienced a significant growth, with a sequential increase of over 50% in the fiscal 2024 third quarter. This growth was driven by robust demand for AI-related products, including high-bandwidth memory, high-capacity dual in-line memory modules, and data center solid-state drives.
What is Micron's revenue guidance for fiscal Q4?
Micron's revenue guidance for fiscal Q4 is $4.4 billion, plus or minus $200 million. This represents a sequential increase from the previous quarter and is driven by improving market conditions and strong demand for memory and storage products, particularly in the data center and automotive markets.
What factors contributed to Micron's Q3 revenue boost?
Micron's Q3 revenue boost was driven by an 82% year-over-year increase in revenue to $6.8 billion, with adjusted earnings per share of $0.62. Strong demand for memory chips from artificial intelligence applications and increased pricing power contributed to the company's robust performance. Additionally, record sales to data centers, which jumped more than 50% sequentially, also played a significant role in Micron's revenue growth.