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(Reuters) -Micron Technology beat estimates for third-quarter results on Wednesday, powered by demand for its memory chips from the rapidly-growing artificial intelligence sector and an easing supply glut in its traditional PC and smartphone markets. "The recent acceleration in the adoption of generative AI is driving higher-than-expected industry demand for memory and storage for AI servers, while traditional server demand for mainstream data center applications continues to be lackluster," CEO Sanjay Mehrotra said. "We believe the current memory industry inventory correction is now behind us," said Summit Insights Group managing director Kinngai Chan.