What's Going On With Micron Tech Stock On Wednesday?
Portfolio Pulse from Anusuya Lahiri
Micron Technology (NASDAQ:MU) announced the sampling of its next-generation GDDR7 graphics memory at the Computex event in Taiwan. The new memory boasts the industry's highest bit density and offers significant performance improvements over GDDR6. Analysts also noted Nvidia's advancements as a catalyst for Micron. Micron expects HBM to be a multibillion-dollar business by fiscal 2025 and plans to invest in a new plant in Hiroshima. Micron stock has gained 87% in the last 12 months, and investors can gain exposure via Invesco Semiconductors ETF (NYSE:PSI) and iShares Semiconductor ETF (NASDAQ:SOXX).
June 05, 2024 | 5:08 pm
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Micron Technology announced its next-gen GDDR7 graphics memory, which offers significant performance improvements and efficiency gains. The company expects HBM to be a multibillion-dollar business by fiscal 2025 and plans to invest in a new plant in Hiroshima.
The announcement of GDDR7 memory and future business expectations are likely to positively impact Micron's stock in the short term. The company's plans for a new plant and significant investment further bolster this outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Invesco Semiconductors ETF (PSI) provides exposure to Micron Technology, which announced significant advancements in its GDDR7 graphics memory. Micron's stock has gained 87% in the last 12 months.
PSI holds Micron Technology, which is expected to see positive stock movement due to its new GDDR7 memory announcement. This could positively impact PSI's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
iShares Semiconductor ETF (SOXX) provides exposure to Micron Technology, which announced its next-gen GDDR7 graphics memory. Micron's stock has gained 87% in the last 12 months.
SOXX holds Micron Technology, which is expected to see positive stock movement due to its new GDDR7 memory announcement. This could positively impact SOXX's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50