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Nvidia (NASDAQ: NVDA) stock jumped 263% in the last year…
Making this the #1 best performing “AI stock.”
Yet another undiscovered AI chip stock could see much bigger gains in the coming months.
Click here to get my top 5 AI stocks for 2024 (free report).
That company is called Micron Technology (NYSE: MU).
Micron makes memory and chips that are used in computers, smartphones, and data centers.
They’re already seeing surging demand – thanks to AI.
Here’s Micron’s CEO…
“We are in the very early innings of a multiyear growth phase driven by AI as this disruptive technology will transform every aspect of business and society.”
AI datacenters are undergoing a huge upgrade cycle. And that’s driving demand for chips from Micron.
Micron’s quarterly results show that this isn’t just hype…
- Revenues grew 37% to $5.8 billion. That was $500 million above estimates.
- Net income was $476 million – crushing estimates calling for a $279 million loss.
- EPS of $0.42 per share versus estimates of a $0.24 loss.
These results sent Micron stock soaring 21% since last week.
Top 5 AI Stocks to Buy Now
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I’m expecting these gains are just the start.
Micron has already sold out its supply of high-bandwidth memory for 2024. And most of its expected capacity for 2025 is already sold.
Additionally, AI will force a major upgrade cycle for computers and smartphones. These upgrades will also benefit Micron.
I personally bought shares of Micron on April 14 at $94 – and am sitting on 23% profits.
Micron shares remain cheap compared with other chip stocks.
Shares are trading at $117 today.
Estimates suggest that Micron earnings will grow to over $7 per share next year. That means the stock is trading for just 16-times earnings.
So, what other AI stocks are on my BUY NOW list?
Just download my latest report that reveals the Top 5 AI Stocks for 2024.
Ian