The company, which supplies chips to AI darling Nvidia, said in its earnings report a day earlier that its high-bandwidth memory - or HBM - chips, which are used in the development of AI applications, were sold out for 2024. It added that the majority of its 2025 supply has also been allocated.
Micron's shares have surged more than 60% in the past 12 months. Thursday's stock gain put the chipmaker on track to add nearly $16 billion to its market value... which is over $100 billion.
Micron reports earnings ahead of its peers and in doing so serves as a gauge for broader semiconductor demand.
Shares of other chipmakers including Broadcom, Marvell Technology and Skyworks Solutions also rose, with the broader Philadelphia Semiconductor Index gaining more than 3% in Thursday morning trading.
