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00:02Micron shares rose 11% Tuesday, pushing its market cap above $700 billion for the first time
00:09as its rally continued, according to CNBC.
00:13Shares are up 124% this year and nearly 700% over 12 months,
00:19placing it among the top 10 most valuable U.S. tech companies.
00:23Memory demand has surged during the artificial intelligence boom,
00:26creating a global shortage as chip makers require large amounts of memory.
00:31Micron said,
00:41Memory makers have been unable to meet demand during the AI frenzy that began in late 2022
00:46with the launch of ChatGPT.
00:48After Micron's second quarter earnings report in March,
00:51CEO Sanjay Mehrotra said key customers are receiving only 50%
00:56to two-thirds of their requirements due to the supply crunch.
01:00For all things money, visit Benzinga.com.
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