Micron Technology Reports Massive Revenue Growth Amid AI Demand
Micron Technology (NASDAQ: MU) announced record revenue of $41.4 billion for its fiscal Q3 2026, reflecting a staggering 346% increase year-over-year, largely driven by sales of high-bandwidth memory (HBM) for data centers that are critical for AI applications. Key segments contributing to this growth include cloud memory, which generated $13.7 billion (up 307%), and core data center sales at $11.5 billion (up 653%). The company’s earnings per share surged to $24.67, marking a dramatic 1,368% increase.
The company has also forecasted expected revenue of $50 billion and earnings of $30.73 per share for the current fourth quarter, indicating potential year-over-year increases of 342% and 985%, respectively. Despite these impressive figures, Micron’s stock valuation appears low compared to its growth, with a P/E ratio of 25.6, below the Nasdaq-100 average of 34.1. However, concerns remain regarding long-term demand, as a recent UBS survey showed that 60% of companies are curtailing AI expenditure.
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