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Why Micron Technology Stock Is Surging Today

Shares of Micron Technology (NASDAQ: MU) were spiking in early trading on Thursday, up as much as 7.4% in early trading before settling into a 5% gain as of this writing. Late on Wednesday, NAND flash suppliers Western Digital (NASDAQ: WDC) and Japan-based Kioxia, which have a joint venture to produce NAND flash chips, announced that contamination of some key materials at two of their Japanese production sites would hurt the companies’ joint output of NAND. More often than not, supply has exceeded demand in recent years and NAND flash prices have generally been on a downward trend.