Micron’s Q3 revenue jumped 346% and gross margins hit 85%, signaling prolonged memory chip shortages through 2028.
Micron reported a 346% year-over-year revenue increase in its third quarter, with earnings per share rising more than tenfold. Gross margins surged to 85%, while operating margins reached 80%, reflecting strong pricing power amid a memory chip shortage expected to last until at least 2028.
The company’s results underscore intensifying demand for AI-related chips, though higher costs are pressuring customers like Apple, which raised prices on some devices. Micron’s management highlighted expanding AI adoption beyond data centers, forecasting growth in smartphones, PCs, and consumer electronics.
Shares of memory-dependent tech firms may benefit from the shortage, while hyperscalers and device makers face margin pressure from rising component costs.