Shares of Micron Technology Inc. MU inched 0.23% higher to $97.73 Tuesday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500 Index SPX rising 0.40% to 5,916.

Artificial intelligence (AI) has turned out to be one of the key reasons behind the healthy growth of the semiconductor industry. The proliferation of this technology has driven an increase in demand for multiple types of chips ranging from application-specific integrated circuits (ASICs) to processors to memory.

Qualcomm (NASDAQ: QCOM) stock hasn't exactly set the market on fire this year as compared to some other illustrious names in the semiconductor industry. Shares of the chipmaker are down 26% since hitting a 52-week high on June 18 as of this writing.