Micron Technology Inc said it had resumed some microchip shipments to Huawei Tec...
- Micron Technology Inc said it had resumed some microchip shipments to Huawei Technologies Co Ltd and still expects demand for its chips to recover later this year, sending shares up as much as 10% late on Tuesday.
“However, there is considerable ongoing uncertainty surrounding the Huawei situation, and we are unable to predict the volumes or time periods over which we will be able to ship products to Huawei,” he added. Following the results, shares in Micron rose as much as 10% to $35.95 in after-hours trading on Nasdaq.Mehrotra noted that Huawei was Micron’s No. 1 customer and that the ban cost the company as much as $200 million in missed sales during the third quarter.
The industry association said in a statement: “As we have discussed with the U.S. government, it is now clear some items may be supplied to Huawei consistent with the Entity List and applicable regulations.” Stocks in chipmakers have fallen in recent months as demand for smartphones has declined and prices for DRAM and NAND memory chips sank due to an oversupply, adding to concerns that a two-year-long semiconductor upswing was coming to a halt.
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