(Reuters) -Micron Technology forecast first-quarter revenue above Wall Street estimates on Wednesday, powered by demand for its memory chips from the rapidly growing artificial intelligence sector.
The company’s shipments have benefited from strong demand for AI servers and processor suppliers promoting large language models that enable generative AI.
Demand for high-bandwidth memory chips, a market which is led by SK Hynix, for use in AI has also raised investor hopes that Micron will be able to weather a slow recovery in other end markets.
Micron expects adjusted revenue of $4.40 billion, plus or minus $200 million, for the current quarter, compared with estimates of $4.20 billion, according to LSEG data.
Revenue for the fourth quarter stood at $4.01 billion, compared with estimates of $3.91 billion.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)
