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Micron Technology (NASDAQ: MU) reported a significant increase in Q3 FY’25 results, with revenue up 37% year-over-year to $9.3 billion, exceeding expectations. Adjusted earnings reached $1.91 per share, surpassing the consensus of $1.60. Micron anticipates Q4 revenue to be around $10.7 billion, indicating a projected 38% increase compared to last year. This growth is primarily driven by rising demand for high-bandwidth memory (HBM) products due to the expanding AI infrastructure.
Micron’s HBM revenue soared by nearly 50% sequentially, establishing a new annualized revenue run-rate of $6 billion. However, production challenges persist, as HBM requires three times as many wafers as standard DRAM, leading to supply constraints. Additionally, Micron’s gross margin improved to 39.0%, with projections for Q4 gross margin to reach 42%, fueled by a shift towards higher-margin products like HBM.
As of now, Micron is sold out of HBM output for calendar 2025 and is experiencing strong demand for HBM supply in 2026. The company’s data center revenue more than doubled year-over-year, achieving a new quarterly record, and it has also become the second-largest supplier of data center SSDs.
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