Shares of Micron Technology (NASDAQ: MU) were rallying on Wednesday, up 6.7% as of 11:14 a.m. ET.
As one of only three major DRAM producers and one of only six major NAND flash producers supplying the whole world, Micron's moves on a day-to-day basis can be shaped by macroeconomic and geopolitical events. On Wednesday, it appears that news from China is the catalyst for today's big move.
China is a large market for memory sales and played a key role in past memory booms and busts. That was especially true last year as the countrywide "zero-COVID" shutdowns caused a plunge in memory demand, leading to a near-50% decline for Micron's stock last year.
Source Fool.com