00:00Micron, the largest U.S. maker of memory chips, has given an upbeat forecast saying AI has boosted demand.
00:06But the company warns that spending will go up as it tries to keep up with demand.
00:11Let's get more from our Asia tech reporter, Annabel Droules.
00:14Annabel, what else did Micron have to say in this earnings report in terms of the outlook in particular?
00:21Yeah, lots of focus on that outlook, as you said.
00:23So the big number really was the revenue guidance, and it came in at $12.5 billion.
00:29That's what's expected for the fiscal first quarter.
00:32So well above what Wall Street was expecting of $11.9 billion.
00:36A profit per share is also expected to come in better again than what had been predicted.
00:41So it does seem like that idea is continuing to build that Micron is one of the big beneficiaries in all of the AI spending we've seen to date.
00:50Of course, it's a big supply to NVIDIA, for HBM, high bandwidth memory that's key for AI chips as well, alongside Samsung, SK Hynix.
00:58But we didn't really see too much action in late trading.
01:01We saw it at one point up 2.7%, but most of the session in late trade, it was very, very muted news, really.
01:08But that does also underscore just the strength of the stock rally that we've seen so far this year, because it's nearly doubled.
01:15And also we had a couple of bullish forecasts ahead of these numbers, including from Citibank, that upgraded their profit target or price target to $175 a stock from $150.
01:26It just seems like a lot of the good news was already baked in.
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