Micron Technology shares surged roughly 14% in after-hours trading after the memory maker forecast higher-than-expected first-quarter revenue due to the thirst for its memory chips used in artificial intelligence computing. HBM is a space-saving, power-efficient type of dynamic random access memory chip, or DRAM, crucial for AI-focused graphics processing units, that aid in processing vast amounts of data. "Demand from data center customers continues to be strong and customer inventory levels are healthy," Micron CEO Sanjay Mehrotra said on a conference call with analysts. The AI boom has also helped Micron cushion the hit from a memory chip inventory glut in PC and smartphone markets. Personal computers infused with AI technologies are expected to have more memory chips, helping firms such as Micron.

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Persons: Sanjay Mehrotra, Wall, Kinngai Chan, Sumit Sadana Organizations: Micron Technology, Micron, South Korea's SK Hynix, Samsung, Nvidia Locations: U.S