JOHANNESBURG - United States (US) chipmaker Micron Technology has delivered stronger-than-expected quarterly earnings.
Results were driven by surging demand for memory chips used in artificial intelligence systems.
The company, which is a key supplier for Nvidia, reported revenue of more than $41-billion for its third quarter and beat Wall Street expectations.
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The group also provided an upbeat forecast for the current quarter.
Micron says demand for high-bandwidth memory chips, essential for powering advanced AI models, remains exceptionally strong.
Investors welcomed the results, sending Micron shares higher in after-hours trade.
This also helped ease concerns that the recent sell-off in tech stocks signaled weakness in the broader AI rally.