Micron beats on revenue and earnings as global memory shortage continues

Micron reported better-than-expected quarterly results on Wednesday as the memory maker continues to benefit from soaring demand for AI infrastructure. Micron's stock has soared more than 500% in the past year, benefiting from a worldwide supply crunch caused by historic levels of demand for memory chips needed for artificial intelligence models and workloads. The shortage has led to a spike in memory costs and resulted in increased prices for consumer electronics like Apple 's iPads and MacBooks. Micron is the only U.S.-based maker of high-bandwidth memory, HBM, made up of stacks of general-purpose dynamic random-access memory, or DRAM.