Micron rises on strong revenue outlook driven by AI chip demand

Micron Technology MU.O shares up 2.2% at $130.04 premarket

Co forecasts Q4 revenue at $10.7 bln +/- $300 mln, vs analysts' average estimate of $9.88 bln - data compiled by LSEG

*Surging demand for its high-bandwidth memory (HBM) chips, which are key to AI data center operations, fuels growth

J.P.Morgan says HBM revenue should approach $8 bln annualized run rate over the next 1-2 quarters

At least four brokerages raise PT on stock

Average rating of 41 brokerages is "buy," median PT is $140 - data compiled by LSEG
Rivals Marvell Technology MRVL.O up 2%, Advanced Micro Devices AMD.O rise 1.7%, Nvidia NVDA.O up 1.1%

YTD, MU up nearly 51%