Move over, Nvidia; there's a new bellwether for the AI boom.
Micron reported a 345% year-over-year jump in quarterly revenue Wednesday, smashing analyst estimates with $41.46 billion in sales of its memory chips to hyperscalers and PC manufacturers. Revenue also increased 73% from the previous quarter, a signal that the growth of memory-intensive AI workloads are driving unprecedented investment in Micron's chips.
"AI’s insatiable appetite for memory bandwidth and capacity, with low latency and low power, is driving memory architectural choices, memory product mix shifts and manufacturing process technology decisions, all of which increase the complexity of memory and storage roadmap for the industry," said Sanjay Mehrotra, president and CEO of Micron, during a conference call with analysts following the release of the results.
