Micron shares climb 3.6% on record results from rival SK Hynix
Micron Technology shares rose 3.60% in pre-market trading, buoyed by record results from its South Korean rival SK Hynix, which reported revenue of 104.62 trillion won and operating profit that surged 632% year-on-year.
SK Hynix also announced the start of mass production of HBM4 memory, used in artificial intelligence applications, and predicted that supply and demand imbalances in the memory market would persist until 2030. The company pledged to deliver returns to shareholders of nearly 100 trillion won by the end of 2026.
The positive outlook for Micron was further bolstered by Bank of America maintaining its buy recommendation and $1,550 target price per share, along with the company continuing to be a top investment choice in the AI sector.
