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This semiconductor stock, not named NVIDIA, has huge upside and could soar in September While overvalued tech stocks like NVIDIA (NASDAQ:NVDA) have taken a beating so far in September, there is one in particular, Micron Technology (NASDAQ:MU) that has the potential to break out this month. Micron stock is not overvalued, yet it has seen rapid revenue growth, and it has a couple of catalysts this month that could send its price higher. Making memory chips Micron is a chipmaker, but it does not compete directly with NVIDIA, Intel, AMD or the other big names in the semiconductor space. That’s because Micron plays in a different arena, making memory and storage chips for personal computers, smartphones, as well as high performance computing data centers. In this space, it is one of the leading players, with the third largest market share in dynamic random active memory (DRAM) chips behind Samsung and South Korean firm SK Hynix. AI demand fueling revenue growth Micron’s biggest growth area recently has been with its high bandwidth memory (HBM) chips, particularly its HBM3E chips, which have among the highest storage capacity to store complex generative AI data. They also consume less power than similar chips offered by many of its competitors, which lowers costs for its clients. Micron’s revenue growth has been driven by data centers, where large companies and organizations store and process massive amounts of data. In fact, in the last quarter, Micron had record data center revenue, with AI demand driving most of the revenue. Overall, in the fiscal third quarter ended May 30, Micron generated $6.8 billion in revenue, up 82% year over year and 17% from the previous quarter. Net income climbed to $332 million, from a net loss of $1.9 billion in the same quarter a year ago. It was…

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Filed under: News - @ September 6, 2024 7:22 am