tech
Micron CEO says it can't deliver enough memory to key customers after blowout earnings
Micron stock is up more than 350% in the past year thanks to a memory supply shortage driven by surging demand for Nvidia's AI chips.
TL;DR
- Micron CEO Sanjay Mehrotra stated the company can only supply 50-67% of its key customers' memory needs.
- Micron reported blockbuster fiscal second-quarter earnings, nearly tripling revenue.
- Micron's stock has risen over 350% in the past year, driven by demand for AI chips.
- Despite strong earnings, Micron's shares fell, with analysts citing profit-taking and cautious investor sentiment.
- Citi analysts maintain a buy rating, while Goldman Sachs has a neutral rating, flagging potential HBM price momentum risks in 2027.
- Several banks raised their price targets for Micron stock.