Shares of memory chip makers rebounded sharply on Wednesday. As of about 2:10 p.m. Eastern time, Sandisk was up about 16% at about $997, from Tuesday’s close of $859.99, after briefly trading above $1,000 earlier in the session. Micron Technology was up about 13% at about $819, from a prior close of $725.11.
The gains followed CoreWeave’s third-quarter report after the market closed on Tuesday. The AI cloud company said revenue rose 168% and raised its full-year outlook, renewing enthusiasm for AI-related stocks. CoreWeave shares were up about 24%.
The rebound comes after a steep slide. Sandisk closed at $1,404.77 on Oct. 28 and fell to $806.43 by Nov. 5, a drop of about 43%. Micron fell from $983.23 to $656.39 over the same stretch, about 33%. Both stocks remain well below their record closes in late June, $2,335.00 for Sandisk and $1,213.56 for Micron.
Neither company had issued a press release or SEC filing on Wednesday as of mid-afternoon.
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