Micron Technology just dropped a fiscal Q3 2026 earnings report that makes most of corporate America look like it’s running a lemonade stand. The memory chipmaker posted $41.46 billion in revenue and $28.24 billion in net income, numbers that put it on a trajectory to become the third most profitable company in the United States behind only Nvidia and Google.
Here’s the number that should make you look twice: an 84.9% gross margin. That’s not a typo. Micron, a company that makes memory chips, is now running fatter margins than Nvidia (approximately 75%) and Meta (approximately 82%).
The AI hunger games, memory edition
Revenue of $41.46 billion crushed Wall Street’s consensus estimate of $35.84 billion by a wide margin. A global shortage of memory chips has been the accelerant. When demand outstrips supply by this much, pricing power shifts dramatically toward the supplier. Micron has capitalized on that dynamic with strategic long-term supply agreements, including deals with Nvidia, which relies on Micron’s HBM chips to power its AI hardware.
Analysts are forecasting roughly $50 billion in revenue for Q4 2026. Micron’s stock surged as much as 18% in pre-market trading following the earnings announcement, adding to a run that pushed the company’s market capitalization to $1 trillion back in May 2026.
