Why Micron Stock Is Soaring Today

Micron Technology (NASDAQ: MU) stock is posting big gains Thursday amid a positive indicator for its industry and bullish momentum for the broader market. The company's share price was up 5.7% as of 3 p.m. ET. The S&P 500 and the Nasdaq Composite were up 1.9% and 2.6%, respectively.

Micron's valuation is jumping today after fellow memory-chip player SK Hynix posted strong first-quarter results driven by artificial intelligence (AI) tailwinds. The company's stock is also getting a substantial boost from bullish market momentum spurred by trade hopes.

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SK Hynix's results could be great news for Micron

SK Hynix published its first-quarter results before the market opened today, and the performance came in significantly better than Wall Street anticipated. Even though the South Korean company is a competitor, its recent business momentum is likely a bullish demand indicator for Micron.

SK Hynix significantly outperformed revenue and operating income expectations in Q1, and sales for its high-bandwidth-memory (HBM) chips were the biggest factor in the beats. Nvidia relies on both SK Hynix and Micron for HBM solutions that are included in its processors, and Hynix's results point to a strong demand backdrop in the overall category.

Micron stock is also rising on macro news

On the heels of big sell-offs on trade concerns earlier this month, investors are continuing to bet on improvements on the macroeconomic front this week. Despite comments from Chinese officials yesterday suggesting that no trade negotiations with the U.S. were currently underway, recent comments from Trump administration officials seem to support the idea that work on a deal could begin in the near future. Some reports also suggest that the administration is close to reaching terms for trade deal with India.

Micron relies on manufacturing facilities outside of the U.S. for a large amount of its production, and it also relies on international markets for a large portion of its sales. Accordingly, developments on the trade front could have a big impact on its business and stock performance.

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Keith Noonan has positions in Micron Technology. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.