Micron Shares Hit Record High on AI Demand

Micron Technology's shares surged to a record high on Wednesday, climbing more than 4 percent in midday trading amid renewed investor enthusiasm for artificial intelligence-driven demand in the semiconductor sector. The stock, which has risen over 540 percent in the past year, reached $47.20, outpacing broader market gains as the S&P 500 advanced about 0.6 percent and the Nasdaq Composite rose 1.2 percent.

The rally reflects accelerating demand for Micron's high-bandwidth memory chips, essential for AI data centers and infrastructure. As the only U.S.-based producer of such memory, Micron benefits from supply constraints that analysts say will persist through at least 2027. The company's cloud memory business unit reported $5.28 billion in revenue for the first quarter of fiscal 2026, nearly doubling from the prior year, with a 66 percent gross margin. Overall first-quarter revenue hit $13.64 billion, up 56.6 percent year over year and exceeding estimates.

Micron's second-quarter results further underscored the momentum, with revenue of $23.9 billion, a 196 percent increase from the same period last year. The company guided for full-year fiscal 2026 revenue of $109 billion,...