Micron stock sinks for a fourth straight day despite dominant earnings report
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Micron's revenue almost tripled in the last quarter, but the memory company's stock has sunk about 15% since reporting earnings on Wednesday.
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In this article MU Follow your favorite stocks CREATE FREE ACCOUNT People visit Micron booth during the 7th China International Import Expo at the National Exhibition and Convention Center on November 5, 2024 in Shanghai, China. Vcg | Visual China Group | Getty Images Micron 's blowout second-quarter earnings report fueled by a surge in memory demand hasn't been a boon for the stock. Since reporting on Wednesday, the memory maker's stock has dipped about 15% in the days since. Micron has benefited from the soaring demand for artificial intelligence chips, which require large amounts of memory. Micron, SK Hynix and Samsung make up nearly the entire market for the types of memory that AI companies like Nvidia and Advanced Micro Devices depend on for their high-performance chips . "Memory today is very tight supply and supply cannot be brought up that easily, and you are seeing that in our results," Micron CEO Sanjay Mehrotra told CNBC's " Squawk on the Street " on Thursday. "You are seeing the value of memory reflected in our strong financial performance in Q2." Mehotra added that the company has had trouble serving its customers as the supply crunch tightens, with key customers only getting "50% to two-thirds of their requirements." Read more CNBC tech news Amazon's Zoox to debut robotaxis in Austin, Miami later this year as it awaits paid ride approval OpenAI calls out Microsoft reliance as risk in investor document ahead of expected IPO Amazon faces further AWS disruption in the Middle East from Iran conflict OpenAI's data center pivot underscores Wall Street spending concerns ahead of IPO Micron is up over 300% in the past year. It's the only tech company of the top 10 in the U.S. to see gains year-to-date, with Oracle and Microsoft both down over 20%. Micron reported $23.86 billion in revenue for Q2 of fiscal 2026, almost triple its reported $8.05 billion from a year prior. The company also issued strong guidance, projecting gross margins of about 80% for the nex...
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