Micron Technology's (NASDAQ: MU) stock has been on an epic 160%-plus run since the beginning of 2023. The semiconductor bear market is coming to an end, and in addition to industrywide growth getting ready for the next run higher, demand for accelerated computing and artificial intelligence (AI, thanks Nvidia (NASDAQ: NVDA)) continues to ratchet up, too.

Nevertheless, investors grew slightly cautious following Micron's third-quarter fiscal year 2024 update (for the three months ended in May 2024). The stock pulled back a bit from all-time highs. The numbers were solid, though, giving a green flag for AI chip stocks to continue rocking and rolling.

Micron is one of three primary players (Samsung and SK Hynix in South Korea being the other two) in AI memory chipmaking. These days, the investment community has become hyper-aware of one specific memory product called HBM3e (the upgraded version of the third generation of "high-bandwidth memory").

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Source Fool.com