Micron’s strong quarterly results lift memory and storage stocks
Memory and storage stocks rallied on Thursday, with SanDisk and Western Digital gaining 10% and 4%, respectively.
The iShares Semiconductor ETF ticked up by more than 1% after Micron Technology’s quarterly results reinforced the narrative that capital spending on artificial intelligence continues to accelerate.
Micron, Samsung Electronics, and SK Hynix reached $1 trillion valuations for the first time last month, and stocks across the semiconductor complex have been driving the overall tech sector up 27% year-to-date.
Qualcomm forecast $15 billion in new data center revenue, broadening beyond smartphones, while Nvidia slipped after the announcement.