Micron Technology beat estimates for third-quarter results on Wednesday, powered by demand for its memory chips from the rapidly-growing artificial intelligence sector and an easing supply glut in its traditional PC and smartphone markets.
The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File Photobeat estimates for third-quarter results on Wednesday, powered by demand for its memory chips from the rapidly-growing artificial intelligence sector and an easing supply glut in its traditional PC and smartphone markets.
"The recent acceleration in the adoption of generative AI is driving higher-than-expected industry demand for memory and storage for AI servers, while traditional server demand for mainstream data center applications continues to be lackluster," CEO Sanjay Mehrotra said. After a surge in demand during the pandemic, consumer spending on smartphones and personal computers hit a trough, driving down prices and causing a buildup of inventories.
Industry checks indicate some green shoots in the form of demand stabilization, Chan added, even as demand for PCs, smartphones, and servers is expected to remain mixed in the second half of the year.
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