Memory is a bigger limiter” than AI logic as companies push to develop artificial intelligence and put it to work in devices such as robots, said Elon Musk on his company's earnings conference call. That could move shares of Micron Technology and other producers of memory on Thursday.

Elon Musk has reignited speculation about an AI-first smartphone, hinting at a "very different device" optimized for neural nets. This comes as Musk predicts traditional smartphones' obsolescence, envisioning "edge nodes" replacing them.