Micron Technology reported its biggest quarter in company history on June 24, crushing Wall Street expectations with $41.5 billion in revenue and earnings per share of $25.11 — far exceeding analyst forecasts of $35.1 billion and $20.39 respectively. Gross margins hit a record 84.9%, underscoring the premium AI customers are paying for high-bandwidth memory (HBM) chips that power Nvidia and AMD AI accelerators.
CEO Sanjay Mehrotra said AI memory demand is "outrunning supply by a wide margin," with the company's entire 2026 HBM allocation already sold out under fixed-price contracts. Micron guided for Q4 revenue of $49–51 billion — a range towering over Wall Street's $43.2 billion projection — signaling no let-up in the AI infrastructure buildout. DRAM revenue alone hit $31.3 billion for the quarter, with NAND storage adding another $9.9 billion.
Micron stock climbed more than 6% on the news, lifting chip stocks broadly. The HBM market, valued at $35 billion in 2025, is projected to reach $100 billion by 2028, and Micron aims to capture 20–25% of that growing market as hyperscalers race to deploy memory-intensive AI systems.