Wall Street is buzzing with key chipmakers stocks like Micron Technology Inc., Advanced Micro Technology Inc., Intel Corp., and Nvidia Corp.
Micron's stock has resumed its historic rally after a brief pause on Thursday on the back of consistent demand for its memory and data storage products. These products, which include DRAM, NAND flash memory, and solid-state drives (SSDs), are key for AI companies like Nvidia.
On Friday, MU's stock was surged over 10% to a new record of $713.59 as of 11 a.m. EST. In the past few days the shares have pushed the company's market capitalisation beyond the $730 billion, inches away from the $800 billion mark.
Other chipmakers such as AMD traded 7% higher at $435.68, Intel traded 6.14% higher at $116.36; while Nvidia, which had risen over 3%, pared gains to trade 2.10% higher at $216.
Sandisk, another prominent flash memory storage company, rocketed 11% to $1,478.27 boosted by the insatiable demand for memory storage products, created by the AI boom.
On Tuesday, Micron announced it has begun shipping its largest commercially available solid-state drive. This was significant because SSDs allow more memory capacity at lower power demands as against traditional hard-disk drives.
MU Share Price History
Micron Technology has become one of the most valued American company with shares zooming over 730% in the last 12 months. The stock has risen 70% in the last month itself, and 31.45% in the past five days.
ALSO READ: S&P, Dow Extend Bull Run On Jobs Data Boost; Nasdaq Up Over 300 Points
Wall Street Bulls Pick Up Where They Left Off
The main US market indices opened higher on Friday as government job data showed employers adding payrolls for the second consecutive month in April.
The S&P 500 opened 0.44% higher at 7,369.24, tech-heavy Nasdaq Composite rose 0.7% to trade at 25,998.96, and Dow Jones Industrial Average opened 0.45% or over 200 points higher at 49,812.81.
Nonfarm payrolls rose 115,000 last month after a surge in March, according to Bureau of Labor Statistics data and unemployment rate was unchanged at 4.3%. Bloomberg median estimates had pointed to a 65,000 increase.
As of 11:15 a.m., Dow had pared most of its gains and traded flat, S&P 500 was up 0.71% and Nasdaq stayed strong at 26,131.31, up 1.3% or 326 points.
ALSO READ: US Jobs Up 115,000, First Back-to-Back Gain In Nearly A Year
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