US Stocks Close: Micron Rises 4% as Memory Shortage Shows No Near-Term Relief

Micron rose 3.92% as its executive said the memory shortage now spans all market segments and is not limited to a few high-end products. According to Sina Finance, Sumit Sadana, senior adviser to Micron Technology and former executive vice president and chief business officer, said customer demand forecasts keep being revised higher and that it is still unclear when supply will catch up. Sandisk jumped 10.99% after it was set to join the S&P 100 before the open on September 21. According to Sina Finance, the move is expected to trigger forced buying from passive index funds and ETFs. Nvidia gained 1.34% after CEO Jensen Huang said chip sales next year are expected to be twice this year's level. According to Sina Finance, he said the bottleneck is not demand but Nvidia's ability to produce chips. AMD rose 2.70% after reports said the chipmaker had notified customers that it would raise prices across its full chip lineup by 10% starting in the fourth quarter. According to Sina Finance, the increase was linked to higher manufacturing costs at TSMC.