Chipmakers SK Hynix and Micron join $1tn club on surging AI demand
Chipmakers SK Hynix and Micron have surpassed a $1 trillion valuation, fueled by the rising demand for artificial intelligence data centers. SK Hynix's shares increased by 10%, while Micron's shares surged nearly 20% following a positive stock price target adjustment by UBS. This growth places them alongside other tech giants like Nvidia and Amazon in the $1 trillion club.
- ▪SK Hynix's stock price has more than tripled since the beginning of the year.
- ▪Micron's shares rose significantly after UBS increased its stock price target.
- ▪The demand for advanced computer chips has led to a global memory chip shortage.
Opening excerpt (first ~120 words) tap to expand
Chipmakers SK Hynix and Micron join $1tn club on surging AI demandJust nowShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterReutersThe stock market valuations of chipmakers SK Hynix and Micron have risen above the $1tn (£740bn) mark, driven by a boom in artificial intelligence (AI) data centres.Shares in South Korea's SK Hynix, a key supplier to AI chip giant Nvidia, jumped by 10% on Wednesday, continuing a rally that has seen its share price more than triple since the start of this year.On Tuesday, US memory chipmaker Micron's shares rose by almost 20% after investment bank UBS tripled its stock price target for the company.Both companies join a growing group of firms with valuations above $1tn, including technology giants Nvidia, Amazon, Apple, Microsoft, Google-owner…
Excerpt limited to ~120 words for fair-use compliance. The full article is at BBC News — Tech.
Discussion
0 commentsMore from BBC News — Tech
