Micron Technology Inc., the largest computer memory chip manufacturer in the United States, reported its earnings after the market closed on Thursday, showing that not only did its revenue for the second fiscal quarter exceed expectations, but its revenue guidance for the third fiscal quarter also surpassed analysts' forecasts, causing the company's stock price to surge 5% in after-hours trading. Analysts believe this indicates strong demand for Micron's high-bandwidth memory (HBM) chips in the artificial intelligence industry.Here is a summary of Micron's earnings report:Key Financial Data for the Second Fiscal Quarter:Revenue: Micron's adjusted revenue for the second fiscal quarter was $8.05 billion, a year-on-year increase of 38%, exceeding analysts' expectations of $7.91 billion.GAAP Net Profit: Micron's GAAP net profit for the second fiscal quarter was $1.58 billion, with earnings per share of $1.41.Non-GAAP Net Profit: Micron's non-GAAP net profit for the second fiscal quarter was $1.78 billion, with earnings per share of $1.56.Operating Cash Flow: Micron's operating cash flow for the second fiscal quarter was $3.94 billion.Performance Guidance for the Third Fiscal Quarter:Revenue: Micron expects revenue for the third fiscal quarter to be approximately $8.8 billion, higher than the analysts' average expectation of $8.55 billion.Earnings Per Share: Excluding specific items, the expected adjusted earnings per share is $1.57, above the analysts' average expectation of $1.48.Micron's stock closed up 0.92% at $103 on Thursday. After the earnings forecast was announced, the company's stock price briefly rose over 5% in after-hours trading, before retreating to around 4%. As of Thursday's close, Micron's stock price has risen about 22% this year, while the semiconductor industry as a whole has performed poorly. In contrast, the Philadelphia Semiconductor Index has fallen 7.6% year-to-date.Analysts believe that the surge in demand for artificial intelligence has significantly boosted the demand for Micron's HBM chips. HBM is designed specifically for advanced AI systems, capable of saving space and reducing power consumption, and is widely used in AI data centers, becoming an essential component of AI systems. The company stated that due to "strong execution and sustained growth in AI demand," its HBM chips are sold out for 2025, with this segment's revenue exceeding $1 billion in the second quarter of fiscal year 2024, surpassing the company's own expectations and growing 50% quarter-on-quarter.Additionally, Micron also provides NAND flash memory chips, primarily used in the data storage market.Micron expects to maintain its market share in DRAM and NAND by 2025. Capital expenditures for fiscal year 2025 will remain around $14 billion. The company anticipates that the growth rate of DRAM BIT demand in the calendar year 2025 will be in the mid-to-high end of the 10%-20% range, while NAND demand growth will be in the low end of the 0%-10% rangeMicron Technology Chairman, President, and CEO Sanjay Mehrotra stated,“Micron Technology's earnings per share for the second quarter of fiscal year 2024 exceeded expectations, with data center revenue tripling year-on-year.We further solidified our technological leadership by launching the 1-gamma DRAM process node.We expect quarterly revenue for the third quarter of fiscal year 2024 to reach an all-time high, with growth in demand for both data center and consumer market DRAM and NAND, and we are progressing as planned, anticipating record revenue and significantly improved profitability for fiscal year 2025.”We also see very strong demand for HBM chip supply in 2026 and have begun discussions with customers to finalize order agreements for 2026.”In contrast, traditional markets such as mobile phone and PC chips had previously been relatively weak but have recently shown signs of recovery.The company stated that its PC and smartphone customers are reducing inventory, and it is expected that inventory will return to healthy levels by spring, after having built up due to expectations of price increases. Mehrotra also projected that the PC market will achieve single-digit growth in 2024 and noted that AI PCs require more storage capacity than standard PCs, which will further drive the growth of memory chip demand.Micron indicated that the impact of potential new tariffs that President Trump may impose was not considered in the guidance for its third fiscal quarter, “due to the uncertainty surrounding the timing, nature, and implementation of the tariffs.” The company expects that gross profit margins for the fourth fiscal quarter “will rise to some extent.”