Chipmaker Micron Technology beat Wall Street expectations for second-quarter revenue.

March 18 (Reuters) - Chipmaker Micron Technology beat Wall Street expectations for second-quarter revenue on Wednesday, benefiting from a surge in demand for its memory chips used in artificial intelligence hardware. Customers are committing to long-term data center investments as technology companies race toward artificial general intelligence. The resulting growth in AI data center capacity is fueling a sharp rise in demand for advanced memory and storage. Micron is one of the only three major suppliers of high bandwidth memory (HBM) chips essential to AI technology, along with South Korea's Samsung and SK Hynix. The chipmaker forecast third-quarter revenue in the range of $33.5 billion, plus or minus $750 million, compared with analysts' average estimate of $24.29 billion, according to data compiled by LSEG. The company reported revenue of $23.86 billion for the quarter, beating an estimate of $20.07 billion. Its board also approved a 30% increase to its quarterly dividend. (Reporting by Juby Babu in Mexico City; Editing by Shailesh Kuber)

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