Micron Technology just printed one of the most absurd earnings reports in semiconductor history. The memory chipmaker reported fiscal Q3 2026 revenue of $41.46 billion, up from $9.3 billion a year earlier. The company’s adjusted earnings per share landed at $25.11, and management guided Q4 revenue to approximately $50 billion. Shares surged more than 15% after the June 24 report, pushing Micron’s market cap past the $1 trillion mark.
The valuation paradox
The company trades at a forward price-to-earnings ratio in the range of 8-11x. The broader semiconductor industry average sits around 73x. Competitors routinely trade at multiples exceeding 70x.
Micron’s balance sheet suggests management isn’t taking the boom for granted. The company reported $30.2 billion in cash and investments against just $5.7 billion in debt. Micron announced a $9.3 billion facility in Japan dedicated to high-bandwidth memory production, with groundbreaking expected in early July 2026.
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