10 Buzzing AI Semiconductor Stocks in 2024

2. Micron Technology Inc (NASDAQ:MU)

YTD Price Performance: +60%

Earlier this month, Citi reiterated that Micron Technology Inc (NASDAQ:MU) remains its top pick in the semiconductor industry. The investment firm was commenting on latest data from the Semiconductor Industry Association that showed March sales in the semiconductor industry jumped about 15.7% on a YoY basis to $50.6 billion.

Citi’s Christopher Danely said this data shows “analog inventory replenishment in 2H24, and we remain bullish on the group.”

Sequoia Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its fourth quarter 2023 investor letter:

“Exits last year included Netflix, Bank of America and Micron Technology, Inc. (NASDAQ:MU). As discussed in our Q2 shareholder letter, we exited Micron after the rationale for our investment was strained by rising geopolitical tensions, which have increased investment risks in the high-performance semiconductor industry. These risks are bearable, but we felt it prudent to reduce the portfolio’s exposure to them. We think both Bank of America and Micron were purchased at conservative prices given the facts at hand, but the facts changed and we moved on.”