Micron Technology (MU) stock surged 4.6% after SK Hynix announced the development of the world’s first HBM4 product, boosting demand for memory chips. Despite being competitors, the news was positive for the industry as a whole. Micron’s earnings report later this month could lead to further gains. SK Hynix’s HBM4 boasts doubled bandwidth and 40% improved power efficiency, sparking optimism in the sector. Micron’s stock is on an upward trend, backed by Citigroup’s price target raise and bullish outlook on chip pricing. Analysts forecast a 43% revenue jump and doubled EPS for Micron’s upcoming earnings report on Sept. 23. If expectations are exceeded, the stock could see significant growth with a forward P/E of 12.

Read more at Yahoo Finance: Why Micron Stock Was Moving Higher Today