Micron’s fiscal Q3 revenue surged 346% to $41.5 billion, driving an 18.4% share rally to $1,236 and a record $1.398 trillion market capitalization—briefly surpassing Meta and nearly matching Tesla. Customers have locked in $22 billion in multi-year memory chip deposits, while adjusted gross margins expanded to 84.9%.
Micron posted fiscal Q3 revenue of $41.5 billion, a 346% increase year over year, fueling an 18.4% jump in its share price to $1,236. This rally lifted the company’s market capitalization to $1.398 trillion, briefly overtaking Meta’s $1.392 trillion and approaching Tesla’s $1.4 trillion level for the first time.
As AI workloads intensify, high-bandwidth memory has emerged as a critical constraint, elevating Micron’s position alongside Nvidia GPUs. Analysts at multiple banks raised price targets ahead of earnings, citing structural demand growth for AI memory well into 2028.
Adjusted gross margins reached 84.9% in the May quarter, up from 39% a year ago and far above negative 33% three years prior. Micron now forecasts gross margins of 86% in the current quarter, highlighting rapid profitability turnaround.
Customers have committed $22 billion in upfront deposits under three- to five-year contracts to secure memory chip supply. This model diverges from historical boom-and-bust cycles, as data center operators pay premiums to lock in capacity amid tightening availability.
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