Raspberry Pi Holdings PLC (LSE:RPI) topped the FTSE 350 leaderboard on Thursday morning, climbing over 10% after US memory chipmaker Micron Technology delivered strong results and guidance that fuelled a broad rally in semiconductor stocks around the world.
Despite the absence of any company-specific news, shares in the UK maker of single-board computers rose 10.5% to 808p, while across Europe, semiconductor stocks advanced, with ASM International, Infineon Technologies (XETRA:IFX, OTC:INFNNY), BE Semiconductor Industries, ASML, STMicroelectronics (NYSE:STM) and VAT Group all among the leading gainers.
The move followed stronger-than-expected quarterly results from Micron overnight, sending its shares surging almost 17% in afterhours trading.
Investors appeared to be buying into the wider AI theme, as Raspberry Pi's only corporate relationship with Micron is that the US company supplies memory chips used in some products.
Micron beat Wall Street forecasts and issued guidance ahead of expectations. Chief executive Sanjay Mehrotra said the results reflected "the strategic value of memory in the AI era" and pointed to continued strong demand from customers.
Russ Mould, investment director at AJ Bell, said: "Fears about a pullback in AI-related stocks have been banished after Micron Technology's results implied all is well in tech land."
He added: "The company has reported a surge in profit and said supply tightness in the memory chip market will continue beyond next year."
Mould said the results had boosted sentiment across the wider semiconductor sector.
