Micron Shares Slipping 8% After Hours 'Bad News' But 'Good News' Is The AI Trade Is Intact, Says Gene Munster
Portfolio Pulse from Benzinga Neuro
Micron Technology Inc. (NASDAQ:MU) saw an 8% drop in after-hours trading following its latest earnings report. Despite this, Gene Munster of Deepwater Asset Management remains optimistic about Micron's AI prospects, highlighting a projected 10-15% increase in High Bandwidth Memory (HBM) revenue next year. Micron's third-quarter earnings exceeded expectations, with $6.81 billion in revenue and 62 cents per share in adjusted earnings. The company plans to ramp up HBM production, aiming for a 20% market share next year.
June 27, 2024 | 3:46 am
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Micron Technology Inc. experienced an 8% drop in after-hours trading following its earnings report. Despite the decline, the company's AI prospects remain strong, with projected growth in High Bandwidth Memory (HBM) revenue and market share.
The 8% drop in after-hours trading indicates a negative short-term impact due to the earnings report not meeting fast-money investors' expectations. However, the long-term outlook remains positive due to strong AI prospects and projected HBM revenue growth.
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