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- micron technology (Nasdaq: Mo) raised its forecast for capital spending for this year on Tuesday amid increased spending related to artificial intelligence.
- Involved decreased 1.3% Late morning trading.
- Micron now expects to spend about $8 billion this year, up from a previous forecast of $8 billion. About $7.5 billion, Chief Financial Officer Matt Murphy said at the JPMorgan Technology, Media and Telecommunications Conference.
- Chief Operating Officer Manish Bhatia also appeared at the conference and said Micron expects high-bandwidth memory to be a “billion-dollar” business for the company in fiscal 2025.
- The news was first published by Reuters.
- High-bandwidth memory, or HBM, is used in AI accelerators such as Nvidia's (NVDA) H100, where it is seen in the semiconductor industry as the ideal solution for processing the massive amounts of data that stem from AI.
- Morgan Stanley updated the memory maker on Monday, citing its exposure to artificial intelligence.
- Micron shares are An increase of 54% since the beginning of the year And approximately 92% Over the past 12 months.
The post Micron increases capex forecast for 2024 amid AI spending boom: report first appeared on Investorempires.com.