Micron outlook beats expectations as memory chip prices rise

Micron Technology Inc on Wednesday forecast fiscal third-quarter revenue above Wall Street estimates due to a rise in demand for memory chips thanks to 5G smartphones and artificial intelligence software that is pushing memory chip prices upward. The Boise, Idaho-based company, which makes NAND memory chips that serve the data storage market as well as DRAM chips that are widely used in laptops and other computing devices, benefited from the coronavirus pandemic as a global shift to remote work boosted chip demand. Shares were up 2.9% after hours.

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