Micron Technologies' (MU - Get Report) CEO says the data economy is the key to his company's future growth. 

"Data is truly fueling the economy today," said Sanjay Mehrotra at the chipmaker's investor day in New York City on Monday.

Mehrotra said that as the Internet of Things expands and the world becomes more and more digital, there will be continually growing demand for storage and memory that will benefit companies like his in the future.

"Our markets today are more diverse and more distributed in demand," he said, adding that data needs are no longer coming solely from smartphones and computers but also from smart home products and artificial intelligence.

The key markets that will drive Micron's growth are data center, mobile, automotive and Internet of things, Mehrotra said. The growth opportunity in data centers is the largest, as the company said this market has the potential to grow to $62 billion in 2021, compared to $29 billion last year.

Mehrotra also talked about the growth in bit demand of DRAM and NAND memory, estimating that DRAM bit demand will see compound annual growth of 20% from 2017 to 2021, while NAND bit demand will see compound annual growth of 40% to 45%.

Earlier in the day, Micron  raised its revenue and earnings per share guidance for its fiscal third quarter, which ends in May. In March, Micron reported solid results for its February quarter.

Micron now predicts, on a non-GAAP basis, revenue of $7.70 billion to $7.80 billion compared to prior guidance of $7.20 billion to $7.60 billion and earnings of $3.12 to $3.16 per share compared to prior guidance of $2.76 to $2.90 per share. The company said its revised guidance was driven by "strong execution and healthy industry conditions."

Micron's stock led chip stocks up Monday on news that United States and China have reached a tentative deal to cut trade deficits, with the U.S. holding off on implementing tariffs on Chinese goods.

Micron's stock was up 3.8% to 55.41 during afternoon trading Monday. Since the beginning of the year, Micron shares have increased 35%, and they've almost doubled over the last 12 months.

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