Micron (MU, Financial) added 131 basis points to the Fund, as its stock leapt from $75.18 to $88.21, for a total return of 17.3%. Micron is benefiting from strong demand and limited supply in memory chips, particularly DRAM. This demand is fueled by continued innovation and technology in several verticals, particularly mobile, auto, cloud and gaming. With supply unable to keep up with demand, Micron is seeing pricing stabilize in NAND and improve in DRAM. We expect strong demand to continue as new technologies such as 5G phones require significantly more memory capacity.
From the Parnassus Endeavor Fund (Trades, Portfolio)'s first-quarter 2021 commentary.
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