What's Going On With Micron Tech Stock On Wednesday?

Zinger Key Points
  • Micron Technology's GDDR7 graphics memory, announced at Computex, delivers 32 Gb/s performance with 60% more bandwidth than GDDR6.
  • Micron shares rose 1.67% to $128.75 premarket after TSMC's price hike plans triggered a selloff in the chip stocks.

Micron Technology, Inc MU announced the sampling of its next-generation GDDR7 graphics memory, which boasts the industry’s highest bit density, at the Computex event in Taiwan.

Utilizing Micron’s 1β DRAM technology, GDDR7 delivers 32 Gb/s performance with a 60% increase in bandwidth over GDDR6.

It enhances AI, gaming, and high-performance computing with improved efficiency and reliability. GDDR7 reduces power consumption and improves battery life with a new sleep mode, increasing throughput and response time for AI workloads.

Also Read: AMD, TSMC, Broadcom And Other Chip Stocks Hit By Biden’s Fresh AI Chip Export Restrictions: Details

Meanwhile, analysts noted Nvidia’s addition of HBM4 support while doubling networking for Infiniband/SpectrumX/NVLink as a catalyst for Micron, pronouncing Nvidia as the key AI beneficiary after the Taiwan event.

Micron expects HBM to be a multibillion-dollar business in fiscal 2025, enabling over 50% of PCs to be AI-enabled by 2027. It also plans to construct a new plant next to its Hiroshima factory by 2026 and invest 800 billion yen in advanced DRAM.

Micron stock gained 87% in the last 12 months. Investors can gain exposure to the stock via Invesco Semiconductors ETF PSI

and iShares Semiconductor ETF SOXX.

Price Action: MU shares traded higher by 4.71% at $132.61 at the last check on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Company

Market News and Data brought to you by Benzinga APIs
Posted In: NewsTop StoriesTechMediaAI GeneratedBriefsStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!