Micron Technology (NASDAQ: MU) is set to report its fiscal Q3 results after market close on June 25, following a 37% stock increase over the past few months due to a rebound in technology stocks. The company projects a midpoint revenue of $8.8 billion for Q3, up from $6.8 billion year-over-year, with adjusted earnings expected to rise by over 250% annually.
Micron’s revenue growth is bolstered by a surge in demand for high-bandwidth memory (HBM) used in AI graphics processing units (GPUs). Notably, Micron’s HBM has been integrated into Nvidia’s GB200 and GB300 systems, which recently achieved a 73% year-over-year revenue increase to $39 billion. The company plans to raise HBM chip prices by 11% this year due to strong demand and sold-out capacity for 2025.
Consensus estimates indicate a projected 437% earnings increase for Micron this year, followed by 57% growth next fiscal year, with a median 12-month price target of $130, suggesting a 27% growth potential from current levels.
