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Micron Stock Jumps 15% as Quarterly Revenue Quadruples

June 24, 2026 at 16:59 EDT

Infra & Chips
Funding & M&A
Foundation Models

Micron Technology (Nasdaq: MU) reported fiscal 2026 third-quarter results on June 24, 2026, with revenue more than quadrupling year over year and the stock surging more than 15% in after-hours trading. Booming demand for high-bandwidth memory (HBM) for AI was cited as the main driver.

Q3 FY2026 · Micron Technology

Revenue Quadruples as AI Memory Demand Outruns Supply

Micron posted record revenue of $41.46B — roughly 4.4× the year-earlier figure — sending shares up about 15%. High-bandwidth memory for AI data centers remains sold out, with gross margins above 80%.

$41.46B

Record quarterly revenue

4.4×

vs. revenue one year ago

~15%

Share price jump on results

Revenue trajectory

Quarterly revenue, scaled by block height (USD billions)

$9.30B

Year ago

$23.86B

Prior quarter

$41.46B

This quarter

$28.24B

GAAP net income

$24.67

GAAP EPS — well above ~$19.15 guidance

$25.39B

Operating cash flow

The driver — HBM bottleneck

AI data-center demand, led by DRAM and high-bandwidth memory, drove record results — with HBM demand continuing to outpace supply.

HBM + NVIDIA GPUs → Sold out, tight supply → Prices higher, margins 80%+

The bull case

HBM is essential to AI infrastructure
Output fully committed through 2026
Strong pricing power, tight supply expected to persist past 2027
Next-gen HBM4E planned for 2027

The caution

Volume growth modest vs. price gains
Oversupply risk as new fabs ramp from 2027
Surging capital spending
History of strong numbers followed by cyclical sell-offs

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