Closing Bell: Micron Gives Strong Forecast, BP Surges, Nvidia Rises

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.

- Micron (MU), the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter, helped by demand for artificial intelligence equipment. Fiscal fourth-quarter revenue will be roughly $10.7 billion, the company said in a statement Wednesday. That was well ahead of the $9.89 billion average analyst estimate, sending the shares up in late trading. Micron is seeing increasing demand for components like its high-bandwidth memory, which are used in machines that develop and run AI tools. The company expects continued growth from that market as such software becomes more complex, requiring bigger amounts of memory. The company is also starting to recover from narrower profit margins in the previous quarter.

- BP (BP) shares surged as much as 10% in trading after the Wall Street Journal reported that Royal Dutch Shell Plc is in early-stage talks to acquire its London-based rival. Talks between company representatives are active, but any terms of a potential deal couldn’t be learned and a transaction is far from certain, the newspaper reported, citing people familiar with the matter. BP is under intense pressure after years of under-performance and the intervention of activist shareholder Elliott Investment Management. Speculation has been growing that the embattled company would become a takeover target, and Bloomberg reported in May that Shell had been studying the merits of a deal.

- Nvidia (NVDA) shares rose to an all-time high on Wednesday, with the leader in artificial intelligence chips extending an advance that has cemented its position as one of the most valuable companies in the world. The stock rose 4.3% to $154.31, taking out an all-time high that has stood since January. The record is only the latest milestone for the company, which has risen 63% off an April low, a rally that has added nearly $1.5 trillion to its market capitalization. With the day’s gain, Nvidia stands as the world’s largest stock, with a market cap of about $3.77 trillion, overtaking Microsoft Corp. at $3.66 trillion.

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