Micron Raises Q3 Revenue Forecast to $7.2B, Sparks 5% ETF Rally
SPMO•SPMO•SPMO•SPMO•SPMO shares climbed about 5% after Micron raised its fiscal Q3 revenue forecast to $7.2 billion, beating consensus of $6.7 billion. Analysts cited improving memory chip demand and industry-leading margins as catalysts for SPMO’s leveraged semiconductor exposure.
Micron raised its fiscal third-quarter revenue guidance to $7.2 billion, surpassing market estimates of $6.7 billion and forecasting a 40% gross margin driven by robust memory chip sales in data center and mobile segments.
The Direxion Daily Semiconductor Bull 3X Shares ETF rallied 5% in early trading as investors increased leveraged semiconductor exposure following the upbeat forecast.
Analysts highlighted tightening memory supply and rising cloud computing demand as key catalysts, raising their one-year target for the leveraged ETF by roughly 10%.
