Micron Technology (MU) Stock Pops 3% After SK Hynix Posts Record Quarter

TLDR Micron (MU) stock was up about 3% to 4% in pre-market trading after SK Hynix reported record third-quarter results. SK Hynix said memory demand should outpace supply through 2030, and that its DRAM and HBM supply is sold out for three years. SK Hynix posted 104.62 trillion won in revenue and an 80% operating margin, and pledged about 100 trillion won in shareholder returns. Bank of America repeated its Buy rating and $1,550 price target on Micron. Micron can start major buybacks on Dec. 9 under its 2024 U.S. Chips Act funding. Micron Technology (MU) stock rose about 3% to 4% in pre-market trading on Wednesday. The move followed record third-quarter results from memory peer SK Hynix.

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