Hedge fund cuts MU holdings to 2.1 million shares after strong Q2 earnings beat driven by AI-driven demand surge.
Renaissance Technologies reduced its Micron Technology (NASDAQ:MU) stake by nearly 30% in Q1 2026, paring holdings to 2.1 million shares. The move follows Micron’s record Q2 results, where revenue surged 196% year-over-year to $23.86 billion, tripling the $8.05 billion reported in Q2 2025.
Non-GAAP diluted EPS reached $12.20, crushing estimates of $8.60 by 41.8%, while gross margin expanded 18 percentage points sequentially to 74.9%. The earnings beat was fueled by AI-driven supply constraints and rising average selling prices. Micron’s stock has featured intermittently in Renaissance’s portfolio since 2011, with positions often held for short periods.
Despite the fund’s reduction, Micron’s Q2 performance underscores its momentum in high-growth semiconductor markets. The company’s revenue growth outpaced sequential and year-over-year benchmarks, reflecting strong demand trends.