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Micron’s blowout earnings reset the AI memory trade

Micron reported a record fiscal third quarter with a significant jump in sales and gross margins. The results reversed a recent tech selloff and reignited investor confidence in AI infrastructure. The company also disclosed a substantial backlog of contracts.

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What changed

Micron reported fiscal third-quarter results and secured nearly $100 billion in contracts.

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  1. Micron's Record Earnings Revive AI Memory Trade

    Micron reported a record fiscal third quarter with a significant jump in sales and gross margins. The results reversed a recent tech selloff and reignited investor confidence in AI infrastructure. The company also disclosed a substantial backlog of contracts.

    What's confirmed:

    • Micron reported fiscal third-quarter revenue of $41.46 billion.
    • The company's gross margin reached 84.6% on a GAAP basis.
    • Micron secured nearly $100 billion in contracts.
    • GAAP net income was $28.24 billion, up from $1.89 billion in the prior-year period.
    • Non-GAAP diluted earnings were $25.11 a share.
    • Micron stock rose over 16% in premarket trading following the earnings report.

    Still unconfirmed:

    • The earnings represent a structural shift rather than just a cycle.
    • The results are a restructuring of how Wall Street will price the AI trade for years.
    confidence 95%