Several chip stocks are moving higher after the market close on Wednesday alongside Micron Technology Inc MU, which jumped after the company reported strong quarterly results.

What Happened With MU: Micron beat analyst estimates on the top and bottom lines, reporting revenue of $7.75 billion versus estimates of $7.635 billion, and earnings of $1.18 per share versus estimates of $1.13 per share.

Micron said its 93% revenue growth in the quarter was driven by robust AI demand, which was the main driver of chip stock appreciation in recent years.

The memory-chip giant also guided for “significantly improved profitability” in fiscal 2025, which appears to be sparking the surge in shares. Micron stock was up 13.2% at $108.37 at the time of writing, according to Benzinga Pro.

Don’t Miss: Micron Q4 Earnings: Revenue, EPS Beat On ‘Robust AI Demand,’ Company Sees ‘Significantly Improved’ Profitability Ahead, Shares Surge

Why It Matters: Micron focuses on making memory chips. Other big players in the semiconductor memory market like Western Digital Corp WDC and Lam Research Corp LRCX are seeing the biggest gains after the bell, with both up more than 4% in after-hours trading at the time of writing, per Benzinga Pro.

Other chipmakers making moves after the bell include NVIDIA Corp NVDA, Advanced Micro Devices Inc AMD, Marvell Technology Inc MRVL, Taiwan Semiconductor Manufacturing Company Ltd TSM and Arm Holdings Plc ARM. Several chip stocks were up roughly 1% after hours at last check.

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Photo: Courtesy of Arm Holdings.