Micron Technology Inc. nearly tripled quarterly revenue to $23.86 billion and delivered $12.20 in earnings per share-shattering Wall Street’s $9.31 forecast. Net profit surged to $13.78 billion, up from $1.58 billion a year earlier.
Demand for high-bandwidth memory (HBM) chips-critical for Nvidia’s AI GPUs-is driving unprecedented pricing power and margin expansion. Gross margin jumped to 74.4%, up from 36.8% a year ago.
Micron guided to $33.5 billion in revenue and $19.15 EPS next quarter-well above consensus. It has begun volume production of HBM4 for Nvidia’s Vera Rubin chips and plans HBM4e ramp in 2027 and custom HBM for Feynman GPUs in 2028.
The company is accelerating U.S. manufacturing: a $100 billion fab in New York will begin production in 2028; an Idaho facility starts mid-2027. Capital expenditures will rise meaningfully in fiscal 2027, with over $10 billion earmarked for construction.
CEO Sanjay Mehrotra called memory a ‘strategic asset’ in the AI era-and positioned Micron as the only U.S.-based leader among the world’s three major memory suppliers.