AI has played a significant role in driving growth in the semiconductor industry, as demonstrated by Micron's impressive May quarter results. The memory giant exceeded expectations with a revenue of $6.81 billion, showing an 81.6% year-over-year increase. Much of this sales growth was attributed to AI, which boosted 50% of its data center revenue. Micron also outperformed in EPS, surpassing forecasts by $0.09. Looking ahead, the company expects further revenue growth in the fourth quarter, with anticipated revenues of $7.60 billion and adjusted EPS of $1.08. Despite initial investor hesitation, analysts like J.P. Morgan's Harlan Sur are optimistic about Micron's future prospects, highlighting the company's strong position in the AI and server markets. With price targets on the rise and a Strong Buy consensus rating, the stock is expected to outperform in the coming years.