Micron Technology forecast first-quarter revenue above Wall Street estimates on Wednesday, betting on strong demand for its high bandwidth memory (HBM) chips used by the AI industry, sending the company's shares up 10% after the bell.

Micron Technology (MU) stock jumped after the memory-chip maker posted better-than-expected quarterly results and issued guidance that topped Wall Street expectations. The stock was up more than 13% in recent trading.

Within the semiconductor industry, Micron has established itself as a leader in the dynamic random-access memory chip segment. DRAM is widely used in personal computers and servers.