Micron (MU) Stock Rises as SK Hynix Approves $38 Billion Chip Investment
TLDR
- Micron (MU) stock rose ~1.6% in Friday premarket to $895.50, recovering from Thursday weakness
- SK Hynix approved $38.15 billion in new chip fabrication facilities in South Korea
- No major new memory chip capacity expected online for at least another year
- Wall Street expects Micron EPS of $31.24 on $50.72B revenue when it reports around Sept. 22
- MU is up more than 600% over the past 12 months; analyst consensus price target sits at $1,548.86
Micron Technology stock climbed in Friday premarket trading after rival SK Hynix announced a massive investment in new chip manufacturing facilities. MU was up 1.6% at $895.50 before the opening bell.
The move came after a rough Thursday, when memory stocks sold off following quarterly updates from SanDisk and Western Digital. Fridayโs bounce appeared driven more by broader tech sentiment than any Micron-specific catalyst.
Nasdaq futures were up 0.43% and S&P 500 futures gained 0.18%, helping lift large-cap tech names across the board.
โฆ Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
