tech
The memory chip crunch is paying off for this US company
Revenue quadrupled to $41.45 billion compared with the same period a year ago. The company's profit, meanwhile, rose from $1.88 billion to an incredible $28.2 billion year-over-year.
TL;DR
- The AI boom has caused a shortage of memory chips, predicted to last until 2027.
- This shortage is increasing prices, potentially affecting consumer products.
- Micron, a US-based memory chip maker, is benefiting greatly from the situation.
- Micron's shares have surged, and its revenue and profit have quadrupled year-over-year.
- The company has also secured a deal to supply AI lab Anthropic and invested in its funding round.