Micron Stock Surges on AI Chip Demand

Micron Technology's stock surged nearly 15%, its largest gain in over a decade, after reporting a 93% increase in revenue and providing strong future guidance, buoyed by high demand for AI-related memory chips. This optimism lifted the broader tech sector, including significant gains for semiconductor companies like Nvidia, Intel, and ASML. Jabil also reported strong earnings and announced a $1 billion share buyback, while Estée Lauder benefited from economic stimuli in China. The robust AI demand has been a critical driver for these gains, indicating continued investor confidence in the sector.