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

Micron Technology, Inc (NASDAQ: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 (NYSE:PSI)

and iShares Semiconductor ETF (NASDAQ: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