A company best known for making the memory chips inside your laptop just posted quarterly revenue that quadrupled year-over-year. Micron Technology reported $41.46 billion in fiscal Q3 2026 revenue, blowing past the $35.84 billion Wall Street consensus.
Shares surged 15% in after-hours trading following the June 24 earnings release, capping a run that has seen Micron’s stock increase more than eightfold over the 12 months ending late May 2026. The company’s market capitalization briefly flirted with $1 trillion.
The AI memory gold rush
The large language models and generative AI systems filling data centers worldwide need high-bandwidth memory (HBM) chips, and Micron happens to be one of the few companies on the planet that can make them at scale.
Nvidia, a key customer of Micron’s HBM products, relies on Micron’s memory during a period of supply constraints that gives Micron significant pricing power.
