Asian chip stocks rally after Micron's bullish forecast signals easing supply glut

remains a "significant headwind" that is impacting the company's outlook and slowing its recovery, Mehrotraand declared it a "major security risk" to China's critical information infrastructure.

Micron's third-quarter revenue came in at $3.752 billion, beating Reuters' estimates of $3.646 billion, data from Refinitiv showed. "We have increased confidence that the industry has passed the bottom for quarterly revenue and year-on-year revenue growth,""If you're looking long term, Micron is good bet because it has advantages technologically that its competitors don't," he told CNBC's "Street Signs" on Thursday.

However, he highlighted that while Micron is going to get some lift from the advent of AI, the overall server market is still lagging, a view echoed by the company. "Generative A.I. is driving higher-than-expected industry demand for memory and storage for A.I. servers, while traditional server demand for mainstream data center applications continues to be lackluster," Micron's statement said.

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Micron CEO calls bottom in memory-chip market, but weak PC, smartphone forecasts cut into expected AI gains'We believe that the memory industry has passed its trough in revenue, and we expect margins to improve,' Micron CEO Sanjay Mehrotra said.
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