Yahoo Finance Micron Technology (MU) Benefitted from AI Boom
ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” second quarter 2024 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 1000 Value Index in the first quarter. Holdings in the IT sector led the performance in the quarter. On an absolute basis, the strategy has gained across four of the 11 sectors in which it was invested during the quarter. Overall stock selection and sector allocation contributed to returns relatively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Value Equity Strategy highlighted stocks like Micron Technology, Inc. (NASDAQ:MU), in the second quarter 2024 investor letter. Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products globally. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was -3.24%, and its shares gained 105.49% of their value over the last 52 weeks. On July 8, 2024, Micron Technology, Inc. (NASDAQ:MU) stock closed at $130.69 per share with a market capitalization of $144.914 billion.
ClearBridge Value Equity Strategy stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2024 investor letter:
"Stock selection in the IT sector proved to be the largest contributor to performance, particularly driven by the strong performance of Micron Technology, Inc. (NASDAQ:MU) The company, which designs, develops, manufactures and sells memory and storage products, continued its strong performance alongside other AI beneficiaries as the anticipated demand for new and additional storage essential for housing and training large language AI models continues to grow."
A network engineer gazing intently at computer monitors, surrounded by servers and storage systems.
Micron Technology, Inc. (NASDAQ:MU) is in 16th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 115 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:MU) at the end of the first quarter which was 92 in the previous quarter. Micron Technology, Inc. (NASDAQ:MU) posted strong fiscal third-quarter results, exceeding the high end of expectations ranges for revenue, gross margin, and EPS. The company's total revenue for the quarter was $6.8 billion, rising 82% year over year and 17% sequentially. Improving market circumstances and excellent pricing and cost execution were the main drivers of the impressive growth. While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed Micron Technology, Inc. (NASDAQ:MU) in another article and shared the list of stocks to buy and sell before third quarter according to Jim Cramer. According to him Micron Technology, Inc. (NASDAQ:MU) is "not done going up." In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
