Micron Technology, Inc. (MU.US) shares escalated on Wednesday (28th), as the memory chip industry once again passed a market test.

SK hynix released earnings with an upbeat outlook, boosting positive sentiment toward the memory industry. The South Korean chip giant expects shortages of memory components to persist through 2030.

Gil Luria, head of technology research at D.A. Davidson, told MarketWatch that not only did the results far exceed expectations, SK hynix is also paving the way for large-scale shareholder returns. SK hynix announced that it will return more than KRW100 trillion, or about USD75 billion, to shareholders this year through dividends and share buybacks.

Micron is expected to launch its own large-scale shareholder return plan in December, when restrictions related to government subsidies expire and the company regains eligibility to repurchase shares.

SK hynix (SKHY.US) ADRs closed up 13.3% on Wednesday, while Micron leaped 5.9%.
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AASTOCKS Financial News
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