Micron Technology surged after posting blockbuster earnings and strong forward guidance, lifting sentiment across AI memory stocks and related sectors.
The memory chipmaker delivered a standout Q3 report on Wednesday, driving gains across AI-linked equities and briefly providing a lift to crypto markets as well.
Bitcoin (BTC) moved back above $60,000 after the session close, though analysts cautioned that strengthening AI-driven momentum could eventually pull liquidity away from crypto assets.
Micron shares jumped 16% in Thursday premarket trading after its third-quarter outlook significantly beat Wall Street expectations. Revenue came in at $41.5 billion versus forecasts of $35.7 billion, while earnings per share reached $25.11 compared with estimates of $20.49.
Memory chips have become a core pillar of AI infrastructure, particularly high-bandwidth memory (HBM), which is essential for training and running large-scale models. CEO Sanjay Mehrotra said there is “no line of sight” to supply catching demand, suggesting the shortage could persist well beyond 2027.
The company also issued a strong fourth-quarter forecast, projecting about $50 billion in revenue, well above analyst expectations of $43.2 billion.
The ongoing AI boom has continued to weigh on crypto sentiment this year, with bitcoin now more than 50% below its October peak and trading near the $60,000 level.
Micron also highlighted robotics as a major long-term driver of memory demand, comparing humanoid robots to advanced driver-assistance systems and noting they could require up to 10 times more memory, potentially supporting a multi-decade demand cycle.
Following the results, SanDisk (SNDK) and SK Hynix both climbed around 13%. SK Hynix, a major player in high-bandwidth memory, is also reportedly exploring a U.S. listing that could value it at roughly $30 billion.
AI-linked crypto mining stocks also gained, with IREN (IREN) and Cipher Mining (CIFR) each rising about 3% in premarket trading.
