Chipmaker Micron beats on demand from booming AI, easing glut

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.

Shares of the company rose more than 2% in trading after the bell. They have gained 34% this year on bets that use of the company’s memory chips in generative AI services-related servers will skyrocket following the popularity of ChatGPT, OpenAI’s chatbot.