MU reported first-quarter fiscal 2026 revenue of $13.6 billion, marking a 57 percent year-over-year increase driven primarily by surging demand for high-bandwidth memory in AI data centers. Non-GAAP earnings per share jumped to $4.78, nearly 2.7 times the prior-year period’s result, reflecting both higher volumes and favorable product mix. Net profit margin expanded to 28 percent, up from roughly 15 percent a year ago, underscoring improved operational leverage and cost efficiencies.

As AI accelerators from leading chip designers require ever greater memory bandwidth, MU commands a leading share of the high-bandwidth memory (HBM) segment. Management has sold out its full 2026 HBM capacity, with calendar-year supply agreements completed on both price and volume terms. Industry research projects HBM market revenue rising from $35 billion in 2025 to $100 billion by 2028, positioning MU to capture the lion’s share of this 186 percent three-year growth.

Analysts forecast MU’s fiscal 2026 earnings to reach $32.14 per share, implying a forward P/E ratio below 10. Guidance for the second quarter ranges from $18.3 billion to $19.1 billion in revenue—more than double the year-ago quarter—while non-GAAP earnings are expected to set new records. At its current valuation, MU offers investors asymmetrical upside potential should robust AI infrastructure spending continue through 2026 and beyond.