Key facts
- Micron Technology reported record third-quarter revenue of $41.5 billion.
- Micron Technology's net profit increased 15-fold in the third quarter.
- Micron Technology forecasts strong Q4 revenue driven by AI memory chip demand.
- Micron CEO Sanjay Mehrotra expects AI memory chip supply shortages to persist beyond 2027.
- Micron stock jumped 16% in premarket trading.
- The KOSPI index in South Korea surged over 5%.
- The KOSPI index briefly surpassed 9,000 points.
- European shares advanced on Thursday, led by tech stocks.
- The STOXX 600 index gained 0.27%.
- Qualcomm shares rose significantly on Wednesday.
- Qualcomm announced updated revenue projections.
- Qualcomm announced a new collaboration with Meta Platforms.
Micron Technology has reported record third-quarter revenue of $41.5 billion and a 15-fold increase in net profit, substantially surpassing analyst expectations. The company's outlook indicates strong fourth-quarter revenue, driven by persistent demand for AI memory chips. CEO Sanjay Mehrotra anticipates that supply shortages for these chips will likely continue beyond 2027. Following this announcement, Micron's shares surged 16% in premarket trading.
The positive news from Micron has had a significant ripple effect across global financial markets. South Korean stocks, tracked by the KOSPI index, experienced a surge of over 5%, briefly crossing the 9,000-point threshold. This rally was largely attributed to Micron's better-than-expected earnings, which bolstered confidence in the broader semiconductor sector and associated companies such as Samsung Electronics and SK Hynix.
In Europe, stock markets advanced on Thursday, with technology stocks leading the gains. The renewed artificial intelligence rally was reignited by strong forecasts from U.S. chipmakers, including Micron and Qualcomm. Nasdaq futures saw a notable jump of 2%, while the STOXX 600 index recorded a gain of 0.27%.
Separately, Qualcomm's stock experienced a significant increase on Wednesday. This rise was prompted by the company's announcement of updated revenue projections and a new partnership with Meta Platforms. This development has generated considerable excitement on Wall Street.