Micron Technology, Inc. reported a remarkable earnings surge for its third quarter of fiscal year 2026, with revenue rising 73.8% year-over-year to $41.46 billion, and earnings skyrocketing 1,223.1% to $28.86 billion, or $25.11 per share. Wall Street had anticipated earnings of $20.71 per share on revenue of $35.82 billion, leading to an earnings surprise of 21.2% and a revenue surprise of 15.7%.
The company also forecasts a robust fourth quarter, with expected revenue around $50 billion and earnings of approximately $31 per share, equating to 342% year-over-year revenue growth and 923.1% earnings growth. This reflects the growing demand for memory chips in the expanding AI sector, where Micron is positioned as a key player amid a reported $100 billion in long-term agreements with strategic customers.
Micron’s stock has surged 325% year-to-date and 853% over the past year, contributing to a market valuation of $1 trillion. As the demand for high-performance memory increases, fueled by AI advancements, the company’s prospects continue to improve amidst concerns of crowded trades in popular AI investments.
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