Micron shares jump on forecast for quicker recovery in chip demand

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The company's quarterly results on Wednesday exceeded market expectations and it forecast a strong February quarter in a clear sign that memory chip prices will improve next year to recover from a months-long downturn. Stock is either at or near normal levels for most of its customers across personal computer, mobile, automotive and industrial markets, Micron said, while data center inventories will approach those levels in the first half of 2024. "Market rebounds are happening earlier than we previously thought," Morningstar analysts said.