Micron Earnings Power Up Chip Sector

Micron's upbeat first-quarter guidance has the semiconductor sector buzzing

Laura McCandless

Deputy Editor

Sep 26, 2024 at 11:27 AM

LRCX
AMD
ASML
MU

Semiconductor stock Micron Technology Inc (NASDAQ:MU) is soaring today and taking the rest of the sector with it. The chipmaker reported better-than-expected fiscal fourth-quarter results and an upbeat current-quarter revenue forecast, with help from growing artificial intelligence (AI) demand. MU was last seen up 17.2% to trade at $112.36.

Advanced Micro Devices Inc (NASDAQ:AMD) stock is up 3.3% to trade at $167.30 at last glance, on track for a fourth-straight win and trading at its highest levels since July. Today's pop has the equity jumping up over the $162 level, a familiar ceiling of pressure that rejected the shares in August. Year to date, the equity is up 13.6%.

ASML Holding NV (NASDAQ:ASML) stock was last seen up 4.8% to trade at $857.64. The security has taken a 22.7% haircut off its July 11 record high of $1,110.09. Today's gains, however, have ASML clearing pressure at the 40-day moving average, resistance in place since a 12.7% post-earnings bear gap on July 17. Since the start of 2024, ASML is up 13.3%.

Shares of Lam Research Corp (NASDAQ:LRCX) are 6% higher to trade at $852.15. Similar to ASML, LAM has shed 26% since a July 11 record high of $1,130.00. Year to date, the semiconductor equipment name is up 8.6%.

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