Micron’s Blowout Results Are Bad News for Anyone Buying a New Phone or PC Next Year

If you’re wondering why you’ll be paying more for a new PC or smartphone next year, Micron’s MU 7.13%increase; green up pointing triangle latest financial results provide a big clue. 

The maker of memory chips posted record revenue and operating income for its fiscal first quarter late Wednesday; revenue jumped 57% year over year to $13.6 billion. That follows several quarters of strong growth for both metrics. Fueling the growth: demand for artificial intelligence systems that is sharply boosting sales of the specialized type of memory those products need.