Micron Technology Raises Quarterly Results Forecast on AI-Driven Demand
Aug 11 (Reuters) - Micron Technology on Monday raised its forecast for fourth-quarter revenue and adjusted profit, due to surging demand for its memory chips used in artificial intelligence infrastructure, sending its shares up 5.6% before the bell.
The company now expects revenue of $11.2 billion, plus or minus $100 million, compared with its previous forecast of $10.7 billion, plus or minus $300 million.
It expects adjusted earnings per share of $2.85, plus or minus 7 cents, compared with its earlier expectation of $2.50, plus or minus 15 cents.
Semiconductor makers such as Micron have seen a surge in orders for their high-bandwidth memory chips due to their intensive data-processing capabilities, as large tech firms scaled up their financial commitments to AI data centers.
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