What's Going On With Micron Shares Wednesday?
Micron Technology, Inc. (NASDAQ:MU) stock is trading higher on Wednesday amid a rebound in technology stocks following softer-than-expected Consumer Price Index (CPI) data for February.
What To Know: The Bureau of Labor Statistics (BLS) reported today that the CPI decreased from 3.0% year-over-year in January to 2.8% in February, below economist expectations of 2.9%. On a month-to-month basis, CPI rose 0.2% in February, down from 0.5% in January and below the 0.3% forecast.
Furthermore, core inflation, which excludes food and energy prices, moderated to 3.1% year-over-year in February, a decline from 3.3% in January and below the expected 3.2%.
Technology stocks may be rebounding after the BLS report, which suggests easing inflation and creates a more favorable environment for technology companies. Slower inflation reduces the likelihood of aggressive interest rate hikes and lowers borrowing costs.
What Else: Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) has proposed a joint venture to NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), Qualcomm (NASDAQ:QCOM) and Broadcom, Inc. (NASDAQ:AVGO), where the companies would manage Intel Corporation (NASDAQ:INTC)'s factories. TSM would oversee Intel’s foundry division, which customizes chips for customers.
Additionally, under the proposal, TSM would hold no more than a 50% stake in the venture. This follows a request from the Trump administration for the company to help restore Intel’s strength.
Investors may see the venture as a way to boost chip production efficiency and ease supply chain issues. This could benefit companies across the sector and may be helping drive the rebound in technology stocks.
MU Price Action: At the time of writing, Micron stock is trading 8.21% higher at $96.36, according to data from Benzinga Pro.
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