Micron falls as AI revenue surge falls short of lofty expectations

FILE PHOTO: The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File PhotoMicron shares dropped 6 per cent in premarket trading on Thursday after the chipmaker's current-quarter revenue forecast failed to impress investors looking for outsized results powered by the AI demand surge.

"Anything less than fantastic is not good enough when your share price got multiplied by three in just about 18 months," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank in a note. Some analysts, however, were positive about the firm's end markets, after the company beat estimates for third-quarter revenue.

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