Micron Tech beats revenue estimates on AI chip demand; shares fall after run-up

Micron Technology beat estimates for third-quarter revenue on Wednesday driven by strong demand for its memory chips, but its current-quarter forecast disappointed investors who were upbeat about the chipmaker’s performance in the AI boom.

Shares of the Idaho-based firm fell 7.2% in extended trading after it forecast fourth-quarter revenue largely in line with expectations. The stock had risen 13% this month, ahead of earnings, on investor optimism that Micron would benefit from AI-driven demand.