Micron reported an 84.9% gross margin in Q3, surpassing Meta and Nvidia, fueled by surging memory chip demand for AI applications.
Micron Technology posted a record 84.9% gross margin in its fiscal third quarter, up from 74.9% in the prior period and 39% a year earlier. The figure exceeds margins of major tech peers, including Meta at 81.9% and Nvidia at 75%, as memory chip prices climb amid AI-driven demand.
Revenue surged to $41.46 billion, more than doubling the prior quarter’s $20 billion, while net income reached $28.24 billion, up over 100% from the previous high. The company’s stock has soared 700% in the past year, pushing its market cap past $1 trillion.
Shares rose 14% in extended trading as data center operators and AI chipmakers, including Nvidia and AMD, compete for Micron’s high-bandwidth memory chips.