On Wednesday, Micron Technology (NASDAQ:MU) topped estimates with its robust second fiscal quarter results. Upon the report, shares of the Nvidia Corporation (NASDAQ:NVDA) supplier surged to a record high.

Second Quarter Of Fiscal 2024

For the quarter ended on February 29th, Micron reported revenue grew 58% to $5.82 billion, leaving Micron with a profit of $793 million, or 71 cents a share, improving from last year’s comparable quarter when it reported a loss of $2.31 billion, or $2.12 a share.

On Wednesday, Micron revealed its high-bandwidth memory (HBM) ultrafast semiconductors used for AI development were sold out for 2024 while the majority of its 2025 supply has also been allocated. Chief business officer, Sumit Sadana, also revealed that Micron signed up new customers for its HBM products that it was yet to announce.

Third Fiscal Quarter Guidance Also Topped Estimates

Micron guided for revenue in the range between $6.4 and $6.8 billion and earnings per share between $0.38 and $0.52.

Nvidia is to use Micron’s chip in its next-generation H200 graphic processing units.

Micron is well positioned to benefit from AI hype.

Micron president and CEO Sanjay Mehrotra highlighted the multi-year opportunity provided by AI in the semiconductor industry. Just for the fiscal 2024, Micron is on track to make revenue of several hundred million dollars from HBM chips.

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