Micron’s record Q3 2026 earnings and $100 billion in AI memory deals trigger a rally across memory and storage stocks.
Micron Technology shares jumped 17% to $1,229 after securing $100 billion in contracted AI memory revenue across 16 multi-year agreements. The deals include $22 billion in customer cash deposits and take-or-pay terms, signaling memory’s shift from commodity to strategic asset.
The company reported record Q3 2026 revenue of $41.5 billion, adjusted EPS of $25.11, and an 85% gross margin—more than double the year-ago level. Management guided gross margins to rise further to 86% next quarter, reinforcing strong demand.
The rally extended to peers, with SanDisk up 15% to $2,213 and Western Digital climbing 13% to $726. The gains reversed a recent chip sector selloff, driven by concerns over a Korean-led downturn.