Micron Reaches $1 Trillion Valuation After Q2 Revenue Surges 196%
MU•Micron Technology hit a $1 trillion market cap in late May 2026 after fiscal Q2 revenue surged 196% year-over-year to $23.86 billion and operating margins reached 69%. It guides Q3 revenue of $33.5 billion at 81% gross margins, sold out 2026 HBM supply under multi-year contracts, and plans over $25 billion in capex.
1. Trillion-Dollar Milestone
Micron Technology joined the trillion-dollar market cap club in late May 2026, marking a significant valuation milestone driven by accelerating demand for AI memory solutions.
2. Q2 Financial Performance
The company reported fiscal Q2 revenue of $23.86 billion, a 196% year-over-year increase, with operating margins of 69%, reflecting robust sales of high-bandwidth memory products.
3. Q3 Guidance and Capacity Commitments
Micron guided Q3 revenue of $33.5 billion with gross margins of 81% and confirmed that all 2026 HBM supply is sold out under multi-year contracts at favorable pricing.
4. Capex Strategy and Market Risks
Management plans to invest over $25 billion in capital expenditures through 2026 to expand capacity, while investors should weigh the company’s history of memory market cyclicality.
