Why Micron Technology Stock Rallied Today

Micron Technology stock surged 4.8% after rival SK Hynix reported record quarterly results and announced that memory chip demand will outpace supply through 2030, with supply sold out for the next three years. As one of the Big Three memory chipmakers, Micron stands to benefit from continued strong demand for AI-related memory chips, with the stock trading at an attractive 13x earnings despite 340% gains over the past year.