We recently compiled a list of the Investor Optimism Boosts Jump of These 10 Stocks. In this article, we are going to take a look at where Micron Technology Inc. (NASDAQ:MU) stands against the other stocks.
Wall Street’s main indices ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only decliner, dipping by 0.06 percent or 25.57 points to close at 42,706.56.
In contrast, the S&P 500 and Nasdaq Composite both registered gains, up 0.45 percent and 1.24 percent, respectively.
Monday’s overall rally was largely driven by strong performances in the bitcoin mining and quantum computing sectors, with 10 companies seeing notable gains.
To come up with the day’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A close-up view of a computer motherboard with integrated semiconductor chips.
Micron Technology Inc. (NASDAQ:MU)
Micron Technology saw its shares higher by 10.45 percent on Monday to close at $99.26 apiece, in line with a broader sector optimism, after Foxconn’s record-breaking revenues gave the latest indication that demand for artificial intelligence infrastructure is set to jump this year.
Despite announcing disappointing earnings results in the past few weeks, optimism was boosted by developments linked to Nvidia, a titan in the artificial intelligence sector.
According to analysts, investors are buzzing about Nvidia’s sustained demand for its cutting-edge hardware, and that its new devices could potentially integrate Micron’s innovative solutions.
Long-term growth prospects also seem promising, with Micron expected to capitalize on an expanding HBM market projected to skyrocket from $16 billion in 2024 to over $100 billion by 2030.
Overall MU ranks 9th on our list of the stocks that soared today. While we acknowledge the potential of MU as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.