Micron gains as SK Hynix profit surge signals robust AI demand
BUZZ-Micron gains as SK Hynix profit surge signals robust AI demand ** Memory chipmaker Micron Technology MU.O up 4.61% to $971.54, after strong results from rival SK Hynix
** South Korea's SK Hynix 000660.KS, SKHY.O reported a more than sevenfold jump in quarterly profit
** Results illustrated relentless demand for AI infrastructure, which has boosted memory chip prices
** Memory chipmakers have benefited from surging demand even as investors grow concerned about whether the enormous spending will deliver adequate returns
** MU is trading at 5.09 times expected earnings per share over the next 12 months, compared to peer SK Hynix at 2.95 times over the same period, according to data compiled by LSEG
** Including session's move MU more than tripled YTD, outperforming the Philadelphia SE Semiconductor Index's .SOX 62% gain
** Meanwhile, larger rival Samsung Electronics 005930.KS gained around 9% in early trading
(Reporting by Jayasree Parbhu)