Micron Technology has now stolen the limelight of the AI craze. The company’s shares have skyrocketed by 14% in the after-hours trading, following financial results for Q4 2024. The revenue has risen by 13.8% QoQ and by 93.3% YoY. What truly matters, though, is how Micron is finally recovering from the gloomy 2023. Micron’s stock has gained 12.2% throughout 2024, while the net income is finally rebounding from last year’s losses.
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Open real account TRY DEMO Download mobile app Download mobile appThe optimism around the storage chip maker is further amplified by the buoyant outlook for the upcoming quarter. Micron’s forecast of around $8.7 bn has topped analysts' estimates of around $8.3 bn. The driving force behind Micron’s recent successes is the robust demand for its data center DRAM products and high bandwidth memory, both crucial for AI development. According to the company’s CEO, Micron is entering the advent of AI having “the best competitive position in history”. Indeed, the chipmaker benefits from its capacity to deliver high volumes of their industry-leading memory chips, as underlined by the VP of Operations.
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Micron’s stock price has been breaking out of its most recent downward trend for the past two weeks. This week alone, it gained 5% and is expected to surge even further once the US stock market opens, fueled by the company’s financial release and outlook for Q12025. Micron’s shares have already risen above both EMAs, driving the bullish crossover of the quicker EMA20 (light purple) above the slower EMA50 (dark purple). The after-hours trading suggests an easy win with the most recent resistance around $97. For comparison, BoA has just updated its price targer for Micron to $125, way above $107 resistance. Source: xStation5
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