News Summary

• Micron shares surged 16% in premarket trading on Thursday after the memory chipmaker's third quarter guidance exceeded Wall Street expectations.
• Memory chips have become the backbone of AI infrastructure, particularly high-bandwidth memory (HBM), which is essential for training and running large AI models.
• CEO Sanjay Mehrotra told analysts there was "no line of sight" to when supply would catch up with demand, with the shortage expected to persist well beyond 2027.
• The AI boom has weighed heavily on the crypto market this year, with bitcoin now more than 50% below its October all-time high, trading at the $60,000 level.