Micron’s fiscal Q3 revenue rose 346% year over year to $41.46 billion; adjusted earnings were $25.11 a share. Its Q4 revenue guidance is about $50 billion, plus or minus $1 billion; tight supply and AI demand lift prices, but new capacity could ease them.
Non-GAAP gross margin reached a company-record 84.9%, up from about 38% a year earlier, as average selling prices rose across DRAM and NAND. GAAP net income was $28.24 billion.
Micron said it can meet only 50% to two-thirds of demand from its biggest customers. It is preparing to launch HBM4 and HBM4e in the second half of 2026, but holds about 18% of the HBM market, versus SK Hynix’s roughly 50% and Samsung’s 33%. The article cites capacity increases by all three manufacturers and a possible slowdown in AI spending as risks that could normalize prices sooner than expected.
