Micron Technology just posted fiscal Q2 2026 revenue of $23.9 billion, nearly triple what it pulled in during the same period a year earlier. Record gross margins of 75%. A non-GAAP earnings per share of $12.20. And the company isn’t slowing down. Its Q3 guidance projects revenues of roughly $33.5 billion at an 81% gross margin.
The AI hunger games for memory chips
The driving force behind all of this is artificial intelligence, specifically the data centers powering it. Micron’s entire HBM capacity is sold out through 2026. The company currently meets only 50-67% of customer demand.
SK Hynix and Samsung, the other two pillars of the global memory industry, are in the same position. All three manufacturers have their HBM production fully booked through 2026. Each is pouring over $20 billion annually into capacity expansions.
The global memory market reflects this intensity. Projections estimate it will reach $551.6 billion in 2026, then swell to $843 billion in 2027. That’s a 53% jump in a single year. AI data centers alone are expected to consume roughly 70% of the world’s total memory chip supply, a historic shift away from traditional drivers like smartphones and PCs.
