Micron Technology plummeted on the stock exchanges in New York on Thursday. The largest producer of memory chips in the United States performed in line with analysts’ and investors’ expectations last quarter.
However, the company’s prospects were disappointing.
According to Micron, orders for applications in artificial intelligence (AI) remain strong, but demand for chips for smartphones and computers remains slow. The share was subsequently lowered by 16 percent.
The Dow Jones index rebounded a day earlier after the sharp price loss and was listed 1 percent higher at 42,770 points shortly after the market opened. The index of the 30 largest U.S. companies closed lower for the tenth day on Wednesday, marking the longest losing streak since 1974.
The broad S&P 500 index gained 0.9 percent to 5,924 points, and the tech benchmark Nasdaq rose 0.8 percent to 19,531 points. The S&P 500 and the Nasdaq lost 3 and 3.6 percent a day earlier.