Micron Technology just posted fiscal third-quarter earnings that, according to one of Wall Street’s more closely watched strategists, confirm what the market has been betting on all year: AI demand is real, it’s accelerating, and the companies building the memory infrastructure behind it are printing money.
Michael Browne, Global Investment Strategist at Franklin Templeton Institute, said Micron’s results validate the market’s enthusiasm. He added that a 10% pullback in the stock would represent a buying opportunity, not a reason to panic.
The numbers behind the narrative
Micron reported its fiscal Q3 earnings on June 24, with guidance that leaned heavily on the sustainability of AI-related spending. The market liked what it heard.
Micron’s stock has surged over 250% year-to-date, with some estimates putting the gain as high as 298%. The company has nearly quadrupled in value this year.
