Semiconductor giant Micron gain $16 billion in a single day

Shares of Micron Technology jumped 15% on Thursday, posting their biggest one-day gain in 13 years, adding $16 billion to its market value in a single day.

The gains came after the memory chip maker forecast higher-than-expected revenue for the first quarter, highlighting strong demand for memory chips used in artificial intelligence computing, according to CNBC.

The company forecast revenue of $8.7 billion for the current fiscal quarter, compared with analysts’ expectations of $8.3 billion.