Micron Technology's stock surged 19% in after-hours trading, hitting its 40th record high this year. The company reported fiscal third-quarter revenue of approximately $4.15 billion, nearly quadrupling its top line from a year earlier, driven by massive demand for its high-bandwidth memory chips used in AI data centers.
The specialized HBM chips are critical for powering AI accelerators from companies like Nvidia, enabling the movement of vast amounts of data needed for large language models. Over 50% of Micron's memory demand now comes from data centers, with gross margins reaching 81.2%, signaling strong pricing power in this premium, capacity-constrained market.
The rally comes ahead of Google's Q2 earnings report on July 22. Alphabet's Cloud division, a key customer, saw 63% revenue growth in Q1, with its backlog nearly doubling. The results will be closely watched as a barometer for continued AI infrastructure spending by hyperscalers.
In a related development, Ondo Finance launched MUon, a tokenized version of Micron's stock. It offers non-US investors 24/5 blockchain-based exposure to the company's performance, creating a new real-world test for tokenized equity infrastructure under high volatility.