The semiconductor sector received a lot of attention in 2023, mainly because Nvidia stock surged 237% on the back of demand for its data center chips for artificial intelligence (AI) workloads.

But Nvidia's success masked substantial weakness in other areas of the semiconductor industry. Economic headwinds like high inflation and rising interest rates forced consumers to spend less money in segments like personal computing and gaming, which sent demand for traditional chips plummeting.

Micron Technology (NASDAQ: MU) was a poster child for that weakness earlier this year, but its recent financial results for the fiscal 2024 first quarter (ended Nov. 30) suggest a comeback is underway. Here's why it's time to buy the stock.

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Source Fool.com