Micron Technology just posted the kind of earnings report that makes analysts spill their coffee. The company’s GAAP net income hit $28.24 billion in fiscal Q3 2026, a 15-fold increase from the $1.9 billion it reported a year earlier. Revenue came in at $41.46 billion, up from $9.30 billion in the same period last year.
To put that in perspective, Micron’s quarterly revenue grew by roughly 346% year-over-year.
How a memory chip company became the hottest stock on the planet
The short answer is AI. The longer answer is that artificial intelligence infrastructure requires enormous amounts of high-bandwidth memory, and Micron makes the stuff. The company has described itself as essentially “sold out” on key AI-related products, which gives it something every business dreams of: pricing power.
Gross margins have expanded to roughly 75% or higher in recent quarters.
