Micron Technology reported its third-quarter earnings, surpassing revenue estimates due to strong demand for AI-driven memory chips. The company achieved a 17% sequential revenue growth and 82% year-over-year growth, driven by robust AI demand and strong execution. Despite the positive earnings report, Micron's stock fell by 6.5% in after-hours trading as its fourth-quarter guidance of $7.6 billion in revenue and $1.08 non-GAAP EPS slightly exceeded consensus but failed to meet high market expectations. Analysts have raised price targets for Micron, with Goldman Sachs increasing its target to $158 from $138, and JPMorgan raising its target to $180. BofA anticipates significant growth in FY24 and FY25. The sell-off highlights the risks associated with high expectations in the AI chip market. Additionally, Micron reported record automotive revenues and guided to 90% growth.