Micron Technology surged after posting blockbuster earnings and strong forward guidance, boosting sentiment across AI memory stocks and related sectors.

The chipmaker’s standout Q3 results on Wednesday sparked a rally in AI-linked equities and briefly provided a lift to crypto markets.

Bitcoin (BTC) moved back above $60,000 after the close, though analysts cautioned that strengthening AI-driven momentum could ultimately divert liquidity away from crypto.

Micron shares jumped 16% in Thursday premarket trading after its outlook sharply beat Wall Street expectations. Revenue came in at $41.5 billion versus estimates of $35.7 billion, while earnings per share reached $25.11 compared with forecasts of $20.49.

Memory chips are becoming a foundational layer of AI infrastructure, especially high-bandwidth memory (HBM), which is critical for training and running large-scale models. CEO Sanjay Mehrotra said there is “no line of sight” to when supply will catch up with demand, implying shortages could extend beyond 2027.

The company also issued strong fourth-quarter guidance, projecting revenue of about $50 billion, well above analyst expectations of $43.2 billion.

The AI boom has continued to weigh on crypto sentiment this year, with bitcoin now more than 50% below its October peak and trading near the $60,000 level.

Micron also highlighted robotics as a major long-term driver of memory demand, comparing humanoid robots to advanced driver-assistance systems and noting they could require up to 10 times more memory, potentially fueling a multi-decade demand cycle.

Following the results, SanDisk (SNDK) and SK Hynix each climbed around 13%. SK Hynix, a key player in high-bandwidth memory, is also reportedly exploring a U.S. listing that could value it at roughly $30 billion.

AI-linked crypto mining stocks also advanced, with IREN (IREN) and Cipher Mining (CIFR) both gaining about 3% in premarket trading.