Micron reports $41.5 billion Q3 revenue and $25.10 EPS as AI-driven memory chip demand tightens supply and lifts prices.
Micron Technology (NASDAQ: MU) shares have surged 207% in 2026, driven by strong demand for its DRAM and NAND chips, particularly high-bandwidth memory (HBM) used in AI systems. The company reported $41.5 billion in revenue and adjusted EPS of $25.10 for Q3 fiscal 2026, with management forecasting $49 billion to $51 billion revenue and $30 to $32 EPS for Q4.
AI data center spending has tightened supply for HBM and conventional memory chips, pushing up prices. Micron’s average DRAM selling prices rose in the low-60% range sequentially in Q3. However, memory markets are cyclical, and the pace of price increases is expected to slow as capacity expands.
The rally reflects Micron’s positioning in AI but raises questions about whether expectations have outpaced the cycle’s sustainability.