Shares of major chipmakers rose in premarket trading following Micron Technology's announcement that it forecasts Q2 revenue above estimates, with Micron shares up 7.5% premarket. Micron's shares advanced on the news of these 'better-than-anticipated' results and strong guidance. The positive outlook has also influenced the stock prices of NVIDIA, Advanced Micro Devices, Qualcomm, and Intel. NVIDIA shares increased by 1.6%, AMD by 1.7%, Qualcomm by 0.5%, and Intel by 1%. Micron's CEO, Sanjay Mehrotra, expressed confidence in the sustained growth of demand, stating that the current trend is not just a one-quarter phenomenon. Analysts have noted that Micron's guidance reflects a strong pricing rebound. Following the earnings announcement, Micron's stock jumped, with an 8.63% increase to close at $85.48, on better chip demand expectations for 2024. Wall Street responded positively to the news, with the tech-heavy Nasdaq leading gains among the major US stock indexes.
Wall Street ends sharply higher, winning back much of the previous day's losses, rebounding with a boost from chips, led by Micron Technology after its better-than-expected quarterly forecast https://t.co/qDc0Scb26K https://t.co/Z5neCs3d9r
All three major US stock posted gains as stocks of chip manufacturers surged, led by Micron Technology after its better-than-expected quarterly forecast, putting the tech-heavy Nasdaq out front https://t.co/tPsgEnTHsh https://t.co/h95L7A2USN
$MU finishes up 8.63% to $85.48 #trading #stocks #markets https://t.co/Lt4jwVv2QL
Micron shares surge post earnings on the back of higher prices. It’s our #ChartoftheDay. The Investment Committee debates the bet on chips with our very own @KristinaParts. $MU $NVDA https://t.co/FMjR21rYYi
$MU | Micron Technology Guidance Reflects Strong Pricing Rebound: 10 Analysts Deep Dive Into Q1 Earnings https://t.co/A110VvoyHq
$MU CEO Sanjay Mehrotra tells @JimCramer that he expects demand to continue to grow. "This is not a one-quarter phenomenon" https://t.co/l9mnXHd5De
$MU forecasts better chip demand in 2024. Stock jumps. Commentary: Seems like executives are doing a little window dressing into year end, trying to give the stock a boost. The amount of times an end of year forecast has been correct....not a great history. $SMH $NVDA $AMD
$NVDA $AMD $QCOM $INTC 🔸 SHARES OF CHIPMAKERS RISE AFTER PEER MICRON TECHNOLOGY FORECASTS Q2 REV ABOVE ESTIMATES 🔸 NVIDIA SHARES UP 1.6%, ADVANCED MICRO DEVICES SHARES GAIN 1.7%, QUALCOMM SHARES UP 0.5%, INTEL SHARES UP 1%
$MU (+7.5% pre) Micron shares advance on ‘better-than-anticipated’ results, strong guidance - MW https://t.co/HPYl9OIcqK
$MU $NVDA $AMD $QCOM $INTC 🔸 SHARES OF CHIPMAKERS RISE PREMARKET AFTER PEER MICRON TECHNOLOGY FORECASTS Q2 REV ABOVE ESTIMATES 🔸 NVIDIA SHARES UP 1.3%, ADVANCED MICRO DEVICES UP 0.9%, QUALCOMM UP 1.1%, INTEL UP 0.9% PREMARKET