Micron Reports Record Earnings Amid AI Demand, PCE Inflation Reaches 4.1%
Micron Technology, Inc. (MU) reported a record revenue of $41.5 billion for the last quarter, a significant rise from $9.3 billion in the same period last year. Adjusted earnings were $25.11 per share, exceeding analysts’ expectations of $20.28. The company anticipates revenue of around $50 billion for the next quarter, far above the forecast of $43.6 billion. CEO Sanjay Mehrotra stated that due to increasing AI demand, supply shortages in memory chips are expected to persist until at least 2028.
In related economic news, the May PCE report indicated a year-over-year inflation rate of 4.1%, up from 3.8% in April. Core PCE, excluding food and energy, rose to 3.4%, slightly higher than 3.3% in April. The Dallas Fed’s trimmed mean PCE, a preferred measure by Fed Chair Warsh, reported an increase to 2.42%, stable compared to the previous month and close to the Fed’s 2% target, suggesting underlying inflation pressures may be more subdued than headline numbers suggest.
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