The semiconductor market's ongoing downturn has been as stubborn as a computer virus, but Micron Technology (NASDAQ: MU) is plugging away at inventory management in hopes of sparking a brighter future.

The company's hot-off-the-presses report for the second quarter of fiscal year 2023 showed declining revenues and margins. At the same time, it highlighted the company's efforts to manage inventory and long-term growth prospects driven by the rising demand for artificial intelligence (AI) technologies. In particular, management mentioned OpenAI's ChatGPT and similar large language models (LLMs), which rely on massive amounts of digital memory.

Things were far from chipper for Micron in the just-reported quarter, as the company faced a challenging market environment. Many consumer-driven end markets are at a standstill due to tightened budget belts, and economic activity is curbed even more due to a global web of shortages in manufacturing and shipping services.

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Source Fool.com