Sanjay Mehrotra, Micron Know-how President & CEO on the WEF in Davos, Switzerland on Might twenty fourth, 2022.Adam Galica | CNBCMicron shares fell about 3% in prolonged buying and selling on Wednesday as traders seemed previous better-than-expected outcomes and centered as an alternative on a income forecast that was consistent with estimates.This is how the corporate did versus LSEG consensus estimates for the fiscal third quarter ended Might 30:Earnings per share: 62 cents adjusted vs. 51 cents expectedRevenue: $6.81 billion vs. $6.67 billion expectedMicron, which makes laptop reminiscence and storage, mentioned it expects adjusted earnings per share of $1.08 on income of $7.6 billion within the present quarter. Analysts had been anticipating earnings per share of $1.05 on income of $7.6 billion.The shares have greater than doubled prior to now 12 months as the corporate rides the bogus intelligence increase. Micron’s most superior reminiscence is required for AI graphics processing items (GPUs) like Nvidia’s, placing the corporate in place to profit from demand for know-how to coach and deploy AI functions like OpenAI’s ChatGPT.Micron reported $332 million in web earnings, or 30 cents per share, versus a web lack of $1.9 billion, or $1.73 per share, within the year-ago quarter.Micron CEO Sanjay Mehrotra highlighted the corporate’s AI enterprise in an announcement whereas saying that its smartphone and PC markets stay sluggish.Mehrotra mentioned the corporate’s AI-oriented merchandise had been prone to enhance in value and that the corporate’s information heart enterprise grew 50% on a quarter-to-quarter foundation.”Strong AI-driven demand for information heart merchandise is inflicting tightness on our modern nodes,” Mehrotra mentioned in an announcement. “Consequently, we anticipate continued value will increase all through calendar 2024 regardless of solely regular near-term demand in PCs and smartphones.”On a name with analysts, Micron mentioned that its excessive bandwidth reminiscence, the sort utilized in AI chips, is offered out by means of 2025.”We imagine that Micron might be one of many greatest beneficiaries within the semiconductor business within the multiyear development alternative pushed by AI,” Mehrotra mentioned.WATCH: Micron CEO on CHIPS Act grant