Micron Technology Inc ( MU ) shares are trading higher by 2% to $96.79 during Thursday’s session as traders and investors assess NVIDIA Corp’s second-quarter earnings results.

The VanEck Semiconductor ETF ( SMH ) is trading marginally higher Thursday by 0.7% to $242.57, despite Nvidia shares falling some 4% in early Thursday trading.

What Happened: Nvidia late Wednesday reported strong second-quarter earnings, with revenue and profits more than doubling year-over-year, driven by robust demand in the data center segment. However, gross margins slightly contracted due to inventory provisions and a higher mix of new products.

Despite exceeding expectations and issuing strong guidance for the next quarter, Nvidia's stock is down some 4% following the earnings report. The company also announced a $50 billion stock repurchase plan and projected third-quarter revenue of $32.5 billion.

Read Also: 10 ETFs Poised For Wild Swings Following Nvidia Earnings

Why This Matters: Micron’s stock could rise despite Nvidia’s decline because investors may anticipate that Nvidia’s strong performance, particularly in AI and data centers, will lead to increased demand for memory chips, which Micron produces.

Nvidia’s growth in AI and accelerated computing requires substantial amounts of memory, benefiting suppliers like Micron.

Even though Nvidia’s stock fell due to specific concerns such as gross margin contraction and potential delays in their AI chips, the overall positive outlook for the AI market and data centers could boost expectations for Micron’s future sales and profitability, driving its stock price up.

Read Also: As Nvidia Tumbles Post Q2 Earnings, Tech Bull Draws Parallels To Market’s Reaction To Apple Stock After WWDC 2024: ‘We Always Focus On Demand, Guidance, And Growth’

How To Buy MU Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Micron Technology’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, MU has a 52-week high of $157.54 and a 52-week low of $63.83.