Even before Micron's (MU 2.28%) earnings report on Sept. 23, shares of the memory chip manufacturer had already logged an impressive month-to-date gain.
The role of the technology sector in the global economy is expanding rapidly. According to the researcher Gartner, global spending on information technology (IT) is estimated to reach $5.43 trillion in 2025.
Micron Technology is upgraded to a strong buy due to robust Q4 results and attractive valuation despite all-time high stock prices. Micron's Cloud Memory segment is driving explosive growth, with AI data center demand fueling record revenues and margin expansion. Forward P/E of 11.22 positions Micron as deeply undervalued compared to the IT sector, offering a compelling risk/reward for investors.
Micron stock price has been in a strong rally this year and is now hovering at its all-time high. MU has jumped in the last three consecutive weeks and by over 11,000% from the lowest level in 2010.
One artificial intelligence (AI) stock worth watching right now is Micron Technology (MU 8.79%). The company provides businesses with memory and storage solutions.
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