Micron slumps as bleak quarterly forecast clouds AI-related boost
Micron Technology shares slumped about 15% on Thursday, as a bleak forecast indicating sluggish demand for personal computers and smartphones overshadowed a lift from robust growth in sales of AI-related chips.
The market for dynamic random-access memory (DRAM) chips used in personal computers and smartphones has remained under pressure since the end of the pandemic amid a lingering supply glut and sluggish consumer demand.
Micron's flash memory chip revenue in fiscal 2025 is expected to be significantly weaker, as sales of such chips are more exposed to PC and mobile phone shipments, Morningstar analyst William Kerwin said.
The post-pandemic growth in demand for traditional PCs did not match expectations and AI-enabled computers are yet to gain mass popularity.
Adding to the industry's woes, the expected transition to Windows 11 following Microsoft's decision to end support for Windows 10 has been more gradual than predicted.
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