AI Fuels Tech Surge as Micron, Databricks and Basis Ride Wave of Growth

PYMNTS.com December 19, 2024

Micron Technology posted a stunning 400% jump in data center revenue amid soaring AI chip demand, while data intelligence firm Databricks secured a massive $10 billion funding round at a $62 billion valuation. The AI growth momentum also reached the accounting sector, with startup Basis raising $34 million to develop autonomous accounting agents.

Micron Posts Record Quarter as Data Center Demand Surges 400%

Micron Technology reported record quarterly revenue driven by strong data center growth, with the segment’s sales increasing more than 400% from a year earlier and over 40% from the previous quarter amid rising artificial intelligence-related demand.

The chipmaker posted revenue of $8.71 billion for the fiscal first quarter that ended November 28, up from $4.73 billion a...

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