Micron, AMD and Broadcom Shares Jump as AI Chip Demand Roars Back

Micron Technology MU, Advanced Micro Devices AMD and Broadcom AVGO rose on Wednesday as investors rotated back into AI chip stocks after each company reported strong demand tied to data-center spending.

Micron Technology MU led the move, with shares climbing about 7% after fiscal first-quarter revenue reached $13.64 billion, up 57% from a year earlier. Its cloud memory unit nearly doubled to $5.28 billion, while management projected second-quarter revenue of $18.7 billion and adjusted earnings of $8.42 a share.

Advanced Micro Devices AMD gained about 4% after fourth-quarter revenue came in at $10.27 billion, up 34% year over year. The company’s data-center business set a record at $5.38 billion, reinforcing expectations that server chips and AI accelerators may keep driving results.

Broadcom AVGO also climbed about 4% after AI chip revenue hit $8.4 billion in the latest quarter, more than doubling from a year earlier. Broadcom said it expects AI semiconductor revenue of $10.7 billion…