We recently compiled a list of the Investor optimism is driving these 10 stocks’ jump. In this article, we’ll take a look at where Micron Technology Inc. (NASDAQ:MU) stands in comparison to the other stocks.

Major Wall Street indexes ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only loser, falling 0.06 percent, or 25.57 points, to close at 42,706.56.

In contrast, the S&P 500 and the Nasdaq Composite posted gains of 0.45 percent and 1.24 percent, respectively.

Monday’s broader rally was largely driven by strong performances in the Bitcoin mining and quantum computing sectors, with ten companies posting notable gains.

To determine the day’s top performers, we only considered stocks with a market cap of at least $2 billion and a daily trading volume of $5 million.

A close-up of a computer motherboard with integrated semiconductor chips.

Micron Technology saw its shares rise 10.45 percent on Monday to close at $99.26 apiece, in line with broader industry optimism after Foxconn’s record-breaking sales provided the latest indication that demand for infrastructure for artificial intelligence will skyrocket this year.

Despite announcing disappointing earnings results in recent weeks, optimism was boosted by developments related to Nvidia, an artificial intelligence giant.

Analysts say investors are raving about Nvidia’s continued demand for its cutting-edge hardware and that the new devices could potentially integrate Micron’s innovative solutions.

Long-term growth prospects also appear promising, with Micron expected to benefit from a growing HBM market that is expected to grow from $16 billion in 2024 to over $100 billion in 2030.

Overall MU takes 9th place on our list of stocks surging today. While we recognize MU’s potential as an investment, we believe AI stocks have more promise for delivering higher returns, and within a shorter time frame. If you’re looking for an AI stock that’s more promising than MU stock but trades at less than 5 times earnings, check out our report on it cheapest AI stock.

READ MORE: The 8 Best Wide Moat Stocks to Buy Now And The 30 most important AI stocks according to BlackRock

Disclosure: None. This article was originally published on Insider Monkey.