Micron Stock Jumps as AI Trade Shows Signs of Life Again

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Micron stock has had just four positive days all month. (DREAMSTIME)

Key Points

Micron shares rose 2.3% to $917.20 in premarket trading on Wednesday after falling 16% in October through Tuesday’s close.
Super Micro Computer raised its fiscal first-quarter revenue guidance to between $18.5 billion and $19.5 billion, sending its stock up 13%.
SpaceX shares rose about 9% after the company reported strong earnings and announced plans to spend up to $40 billion in the fourth quarter.

It’s been a bad month for Micron stock but the tide might finally turning when it comes to artificial-intelligence sentiment.

The shares rose 2.3% to $917.20 ahead of the open Wednesday, having fallen 16% in October through Tuesday’s close. If the gains hold it would be just the fifth positive day for Micron all month—remarkable for a stock that’s up more than 200% this year.

SpaceX earnings and a bullish update from AI server maker Super Micro Computer were helping breathe new life into the AI trade Wednesday.

Super Micro hiked its revenue guidance for the fiscal first quarter to between $18.5 billion and $19.5 billion, up from a previous range of $14.5 billion to $15.5 billion. The stock jumped 13% in premarket trading.

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SpaceX was up around 9% after its strong earnings —and, significantly, the company flagged a huge spending splurge, planning to spend up to $40 billion in the fourth quarter.

That’s great new for AI stocks. Micron may not be among the biggest risers this morning, but it’s a welcome boost after a tough few weeks.

Write to Callum Keown at callum.keown@dowjones.com

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