Let’s talk about some seriously impressive numbers. Thanks to the absolutely insatiable demand for memory chips driven by the AI revolution, NUPIAO has to say that Micron Technology is on fire right now.
On June 24 local time, Micron released its Q3 results for fiscal year 2026 (ending May 28). The headline figures? Revenue hit a staggering $41.46 billion, up a mind-blowing 345.72% from last year. Under GAAP rules, net profit exploded to $28.24 billion—a massive 1,398.30% jump! Earnings per share (EPS) also skyrocketed to $25.03, up 1,381.07%. Basically, they printed money.
The cash situation looks just as strong. Operating cash flow jumped to $25.38 billion (up 450.84%), while free cash flow soared to $18.30 billion, a 839.15% increase. By the end of the quarter, their debt-to-asset ratio sat comfortably at just 24.90%.
At the close of trading that day, Micron stock was at $1,048.51 per share, down a tiny 0.31%, keeping their market cap around $1.18 trillion. But here’s the kicker: immediately after the bell, shares rallied more than 15%.
After Micron’s report came out, the whole US semiconductor sector went wild in after-hours trading. Western Digital jumped over 11%, SanDisk and Qualcomm both surged past 10%, Seagate climbed over 8%, ARM gained more than 5%, Applied Materials rose over 4%, and Intel, ASML, and AMD all saw gains exceeding 3%.
Breaking it down by business segment, all four of Micron’s divisions saw growth in Q3, but the real superstar was the Data Center business. Sales there hit $11.52 billion, an incredible 667% increase year-over-year. Specifically, cloud storage memory revenue grew over 300% to $13.77 billion. Combined, these two AI-critical streams brought in $25.29 billion—roughly 61% of total revenue. It’s crystal clear: AI infrastructure is the absolute engine driving Micron’s growth.
In their report, Micron highlighted even more wins. Beyond just standard memory, their data center SSD division crossed the $5 billion mark. Mobile and client segments saw revenue surge over 250% to $11.52 billion. And in the automotive and embedded space, memory sales more than tripled, reaching $4.63 billion.
Looking ahead, Micron is projecting adjusted revenue for Q4 between $49 billion and $51 billion, with a midpoint of roughly $50 billion. That’s way above the analyst consensus of $43.24 billion—about 15.6% higher than expected. For EPS, they’re forecasting $30 to $32 (midpoint $31), which beats the market estimate of $25.31 by a whopping 22.5%.
Micron CEO Sanjay Mehrotra was candid during the earnings call, noting that even though industry supply is expected to gradually improve by 2028, the current shortage of storage capacity isn’t going away anytime soon. It’s going to take a while to catch up.
According to Micron, they’ve already signed 16 long-term agreements with major customers like data center operators and car manufacturers, locking in sales for the next three to five years. They expect to secure $22 billion in financial commitments from these deals alone. Of those 16 contracts, 14 are priced at minimums, guaranteeing roughly $100 billion in revenue over the remaining contract periods.
Micron also shared exciting news on R&D. Their next-gen DRAM and NAND nodes are progressing beautifully and are slated for mass production in the second half of 2027. Even more impressive? The ramp-up speed for their 12-layer HBM4 products is currently double that of the HBM3E 12-layer version. They’ve already delivered over $1 billion in HBM4 revenue.
Micron’s stock price has been on a relentless upward trend since May 2025, perfectly mirroring the start of this massive rally in the storage chip sector. By May 26 (Eastern Time), Micron officially broke the $1 trillion market cap barrier, joining the exclusive “Trillion Dollar Club.”
Back on May 26, UBS released a bullish report, slamming Micron’s target price up from $535 to a massive $1,625. At that valuation, Micron would be worth a staggering $1.8 trillion.
Data from LSEG shows that among the 46 brokerages covering Micron, UBS’s $1,625 target is the highest on the board. Regulatory filings reveal that Micron became one of the most sought-after assets for institutional investors in Q1 this year. About 2,440 institutions disclosed new positions, heavy hitters like Rockefeller Capital Management and Schroders included.
It’s not just Micron winning big. The other two giants of the memory world, SK Hynix and Samsung, are also posting massive growth numbers.
SK Hynix’s Q1 2026 report showed revenue hitting 52.58 trillion KRW, a 198% year-over-year surge that set a single-quarter record high. Operating profit reached 37.61 trillion KRW, marking the fourth consecutive quarter of record highs, with a 405% increase. Their operating profit margin hit an all-time high of 72%.
Samsung Electronics reported Q1 2026 revenue of 133.9 trillion KRW, up 69%. Operating profit exploded to 57.2 trillion KRW, a 756% jump, while net profit hit 47.23 trillion KRW, rising 474.3% year-over-year.
