What's Going On With Micron Tech Stock On Wednesday?

view original post

What’s Going On With Micron Tech Stock On Wednesday?

Micron Technology, Inc (NASDAQ:MU) announced the sampling of its next-generation GDDR7 graphics memory, which boasts the industry’s highest bit density, at the Computex event in Taiwan.

Utilizing Micron’s 1β DRAM technology, GDDR7 delivers 32 Gb/s performance with a 60% increase in bandwidth over GDDR6.

It enhances AI, gaming, and high-performance computing with improved efficiency and reliability. GDDR7 reduces power consumption and improves battery life with a new sleep mode, increasing throughput and response time for AI workloads.

Also Read: AMD, TSMC, Broadcom And Other Chip Stocks Hit By Biden’s Fresh AI Chip Export Restrictions: Details

Meanwhile, analysts noted Nvidia’s addition of HBM4 support while doubling networking for Infiniband/SpectrumX/NVLink as a catalyst for Micron, pronouncing Nvidia as the key AI beneficiary after the Taiwan event.

Micron expects HBM to be a multibillion-dollar business in fiscal 2025, enabling over 50% of PCs to be AI-enabled by 2027. It also plans to construct a new plant next to its Hiroshima factory by 2026 and invest 800 billion yen in advanced DRAM.

Micron stock gained 87% in the last 12 months. Investors can gain exposure to the stock via Invesco Semiconductors ETF (NYSE:PSI)

and iShares Semiconductor ETF (NASDAQ:SOXX).

Price Action: MU shares traded higher by 4.71% at $132.61 at the last check on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Company

“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article What’s Going On With Micron Tech Stock On Wednesday? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.