Micron boosting 2024 spending plans seen as bottom for memory cycle, Citi says
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Micron Technology (NASDAQ:MU) said this week that it will boost its 2024 capital spending plans, which investment firm Citi said on Friday was another "proof point" that the memory cycle spending has bottomed.
"We view the positive capex revision by Micron as a proof point that memory cycle spend has bottomed and expect memory equipment investments to grow next year depending on the rate of recovery of the memory prices and memory makersâ profitability levels," analyst Atif Malik wrote in an investor note.

On the company's earnings call, Micron (MU) said that it expects capital spending in fiscal 2024 to be "slightly above" that of fiscal 2023 levels, while adding that pricing and profitability should improve throughout the year.
Micron (MU) shares rose more than 2% in early trading on Friday.


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