TECH - Micron Needs To Live Up To Its AI Darling's Darling Title | Benzinga
On Wednesday, Micron Technology Inc (NASDAQ: MU) posted a failed-to-impress fiscal third quarter report. But, even even guiding for record results didn’t bring as much as expected enthusiasm as Micron holds the promise of being one of the biggest beneficiaries of the AI era next to the AI darling and chip leader, Nvidia Corporation (NASDAQ: NVDA) and that comes with grand expectations as its shares have more than doubled over the past year. While the smartphone and PC markets remain sluggish, its data center business grew 50% on a quarter-to-quarter basis on the back of a strong AI portfolio.
Fiscal Third Quarter Highlights
For the quarter ended on May 30th, Micron reported a revenue of $6.81 billion, surpassing LSEG’s consensus estimate of $6.67 billion. Micron reported it is gaining ...