Micron widens loss forecast, shares drop; chipmaker hopes to supply Nvidia

FILE PHOTO: A smartphone with a displayed Micron logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Micron Technology on Wednesday forecast a wider than expected first-quarter loss, and its shares sank 2.4% even as it prepares to ramp up production of new product lines and said it was working to become a supplier to Nvidia

The Idaho-based chipmaker's first-quarter revenue forecast exceeded Wall Street estimates, powered by demand for its memory chips from the rapidly growing artificial intelligence sector.