Why Micron Stock Hit A New 52-Week High
Portfolio Pulse from Erica Kollmann
Micron Technology, Inc. (NASDAQ:MU) shares reached a new 52-week high of $91.74 after announcing the start of volume production of its High Bandwidth Memory 3E (HBM3E) solution, which will be used in Nvidia Corporation's (NASDAQ:NVDA) H200 Tensor Core GPUs. The HBM3E is noted for its 30% lower power consumption compared to competitors. Micron's stock has gained over 12% following Nvidia's strong fourth-quarter earnings report. Additionally, a trend analysis suggests Micron's stock could reach $192.05 by 2030 based on its past 5 years' annualized performance of 16.19%.
February 26, 2024 | 3:20 pm
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POSITIVE IMPACT
Micron Technology's stock reached a new 52-week high due to the start of volume production of its HBM3E solution, which will be used in Nvidia's GPUs, and a significant stock gain following Nvidia's earnings report.
Micron's announcement of the HBM3E solution's volume production and its use in Nvidia's upcoming GPUs, combined with its recent stock performance following Nvidia's earnings, suggests a positive short-term impact on Micron's stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Nvidia Corporation's upcoming H200 Tensor Core GPUs will incorporate Micron's HBM3E solution, indicating a strong partnership and potential for enhanced product offerings.
The inclusion of Micron's HBM3E solution in Nvidia's H200 Tensor Core GPUs highlights a significant partnership and the potential for Nvidia to enhance its product offerings, likely positively impacting Nvidia's stock in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80