TECH - Micron's Q2 Earnings Growth Fueled By AI — High Bandwidth Memory Investments Key | Benzinga
Micron Technology (NASDAQ:MU) has reported robust financial results for the second quarter of fiscal 2024, citing significant market demand driven by strategic investments in high-bandwidth memory (HBM).
What Happened: Micron’s Q2 2024 Earnings Conference Call on Wednesday highlighted a surge in prices due to a combination of factors such as heightened demand for AI servers, improved market conditions across various sectors, and industry-wide supply reductions.
The increasing demand for AI servers is fueling the growth of HBM, Double Data Rate Synchronous Dynamic Random Access Memory (DDR5), and Data Center Solid-State Drive (SSDs), which in turn is tightening the supply of cutting-edge Dynamic Random Access Memory (DRAM) and NAND technologies. This has led to a positive impact on pricing across all memory and storage end markets.
Micron anticipates further price hikes for DRAM and NAND throughout 2024 and expects record revenue and improved profitability in fiscal 2025.