Micron delivers blowout earnings, surges 16% and deals crypto bulls a blow

60-second summary

Micron Technology is surging 16% after delivering blowout earnings and strong guidance, lifting AI memory stocks. The company's revenue and gross margin exceeded expectations, with a 35% year-over-year increase in memory sales. This surge in Micron's stock is a blow to crypto bulls, who had been betting on a decline in memory prices to boost cryptocurrency mining profitability.