American memory chip manufacturer Micron Technology on Wednesday reported record quarterly results, driven by demand from data centers dedicated to artificial intelligence (AI).
The results sent its shares soaring a day after a slump in tech stocks that was led by South Korean companies SK hynix and Samsung.
Based in Boise, Idaho, its revenue soared %346 year-over-year to $41.46 billion. Its net profit jumped %15, reaching $28.24 billion.
Micron says it is expecting around $50 billion in revenue for the current quarter.
The growth reflects the shift in the market toward data centers: cloud and server-related activities now account for more than %60 of the company's sales in the third quarter.
