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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid growing concerns about a slowdown in AI spending, Micron's earnings have dispelled those doubts and restored confidence in the tech sector. The company reported quarterly results that alleviated fears about AI demand, sparking a broad tech stock rebound, according to The Wall Street Journal.
Tech stocks had been under pressure recently due to worries about AI demand. Micron's strong results confirmed sustained demand. In the following trading session, MU shares closed at $1,048.51 on June 24, after reaching an intraday high of $1,083.32 and a low of $991.12, per market data.
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Sign InWith this rally, MU stock now has support near $1048.51 and resistance at $1,083. Investors are eyeing upcoming earnings from other tech companies, especially in AI, to sustain the positive momentum. Market participants are also watching for Fed commentary and economic data that could influence growth stock valuations.