Micron Technology (MU) shares surged 5.03% in intraday trading, outpacing the broader tech sector's rebound. The significant jump comes as Federal Reserve Vice Chair Philip Jefferson expressed optimism about the sustainability of AI-related stock gains, distinguishing the current trend from the dot-com bubble of the late 1990s.

Jefferson's comments, made during a Cleveland Fed conference, highlighted that AI-related firms are well-established with actual earnings, unlike many speculative companies during the dot-com era. This positive outlook from the Fed seems to have bolstered investor confidence in tech stocks, with Micron, a key player in producing memory and storage solutions crucial for AI applications, benefiting substantially.

The broader tech sector also showed signs of recovery, with other major players like Alphabet, Tesla, Nvidia, and AMD all posting gains. However, Micron's impressive 5.03% increase stood out, suggesting that investors may be particularly bullish on the company's position in the AI supply chain. As AI continues to drive innovation and demand for advanced semiconductor products, Micron's strong performance could be indicative of growing optimism about its future prospects in this rapidly evolving market.