Micron Technology reported NAND flash revenues of $2.7 billion in the most recent quarter, representing 20 percent of total company sales. Industry-wide tight supply and rising contract prices have bolstered Micron’s pricing power, while strong demand for its ninth-generation 3D NAND (G9) products is being fueled by data-center operators scaling AI workloads. Executives note that higher NAND ASPs contributed a mid-single-digit percentage uplift to gross margin in the quarter, underscoring the segment’s emerging role as a growth lever alongside DRAM.

In the quarter ended November 27, Micron delivered revenue of $13.6 billion, up 57 percent year-over-year, and non-GAAP earnings of $4.78 per share, nearly a 2.7× increase from the year-ago period. Management has finalized price and volume agreements for its entire calendar-2026 high-bandwidth memory (HBM) supply, effectively selling out capacity for next year. For Q2, the company is guiding revenue between $18.3 billion and $19.1 billion—implying a greater than 100 percent annual revenue increase—and anticipates sequential record levels of gross margin, EPS, and free cash flow.

Analysts forecast Micron’s full-year earnings to surge by 288 percent to $32.14 per share, driven by both volume and ASP gains in HBM and commodity DRAM. At under 10× forward P/E, Micron trades at a significant discount to peers in the high-performance memory space. With major AI chip designers—Nvidia, AMD, Broadcom and hyperscalers—locked into multi-year memory contracts, investors are viewing Micron’s current valuation as an asymmetrical risk/reward opportunity in the rapidly expanding AI infrastructure market.