Micron Technology stock has risen on prospects for its latest memory chip for data centers running artificial intelligence applications.
On Tuesday, Micron announced that it has begun shipping HBM4 36-gigabyte 12-high samples to multiple key customers. HBM4 is its next-generation high-bandwidth memory product for AI data centers.
Micron said its new chip supports the growing demands of AI training and inference workloads in data centers. It boasts higher performance and power efficiency than its previous-generation HBM3E chips.
The HBM4 chip is built on Micron's 1-beta DRAM process with 12-high advanced packaging technology.
On Tuesday, Micron stock surged 2.9% to close at 114.14.
On the stock market today, Micron stock climbed 1.7% to close at 116.03. That was its eighth straight gain.
On Monday, Citi reiterated its buy rating on Micron stock and upped its price target to 130 from 110. The investment bank is incrementally more positive on the memory-chip maker ahead of its fiscal third-quarter earnings report on June 25.
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