Why are Micron, SK Hynix, and SanDisk stocks gaining on Tuesday?

Summary

Shares of memory-chip makers Micron Technology, SK Hynix and SanDisk rose on Tuesday as optimism around artificial intelligence spending outweighed pressure from elevated oil prices and government bond yields. The gains came as investors digested reports that Anthropic, one of the most closely watched AI companies, is preparing for a potential public debut that could value the company at more than $2 trillion. Reuters reported that Anthropic is also planning to spend as much as $518 billion on cloud, computing and infrastructure, potentially creating another major source of demand for semiconductor and memory suppliers. Anthropic spent $7.33 billion on compute and infrastructure last year, roughly three times its spending in 2024 and more than half of its $12.65 billion in revenue.