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Micron shares rise after Crucial releases power-surge proof memory

MICRON TECH-M&A/TSINGHUAUNIGROUP
Kai Pfaffenbach | Reuters

Shares of Micron gained more than 3 percent Tuesday after Crucial, one of its subsidiaries, unveiled a new type of server memory designed to protect data from power surges.

"Historically, companies have used uninterruptible power supplies, solid state drives (SSDs), mechanical hard drives (HDDs) or other devices to ensure the security of critical data. While this method of preserving critical data has been effective, the backup and restore times have been very long due to the latency and write times of the SSD and HDD," Crucial said in a release.

"Today's applications such as relational databases, scale-out storage, data analytics, and in-memory databases require much faster backup and restore times," it said.

Micron gained the most within the S&P 500's tech sector, which was leading the benchmark index higher in late-morning trade.

Also lifting Micron shares were spot prices of dynamic random access memory (DRAM), which were heading higher, C.J. Muse, an analyst at Evercore ISI, told CNBC by email.

Still, Micron's stock is about 10 percent lower this year and down nearly 48 percent over the past 12 months.

MU 12-month chartSource: FactSet