Computer memory chipmaker Micron Technology ( MU ) delivered big third-quarter earnings on Wednesday, lifting the entire AI memory sector, AI-related stocks and even giving crypto a little boost.
Bitcoin climbed back above $60,000 after markets closed, but bullish AI sentiment will ultimately draw more liquidity away from crypto.
Micron shares rose 16% in premarket trading Thursday after the memory chip maker’s third-quarter guidance beat Wall Street expectations. Third-quarter revenue came in at $41.5 billion, versus estimates of $35.7 billion, while earnings per share (EPS) came in at $25.11, compared with expectations of $20.49.
Memory chips have become the backbone of AI infrastructure, especially high-bandwidth memory (HBM), which is essential for training and operating large AI models. Chief executive Sanjay Mehrotra told analysts there was “no line of sight” to when supply would catch up with demand, and the shortage is expected to continue well beyond 2027.
The company also issued strong forecasts for the fourth quarter, predicting revenue of approximately $50 billion, well above Wall Street expectations of $43.2 billion.
The AI boom has weighed heavily on the crypto market this year, with bitcoin now more than 50% below its all-time high in October, trading at the $60,000 level.
