The PHLX Semiconductor Sector index is off to a strong start in 2024 with gains of 11% so far. That's not surprising as some of its key components such as Nvidia (NASDAQ: NVDA), AMD, Broadcom, and Taiwan Semiconductor Manufacturing have already jumped nicely thanks to their solid earnings reports -- which have revealed that these companies are benefiting from the growing adoption of artificial intelligence (AI) chips.

However, there's one PHLX Semiconductor Sector component that has failed to step on the gas thus far: Micron Technology (NASDAQ: MU). Shares of the memory manufacturer are up just 5% in 2024. However, a recent development has given Micron stock a nice boost. Shares of the chipmaker jumped 4% on Feb. 26.

Let's see why that happened and check why this semiconductor stock could go on a bull run following this development.

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Source Fool.com