Micron reported first-quarter fiscal 2026 revenue of $13.64 billion, up 56.7% year-over-year, driven by surging demand for high-bandwidth DRAM and NAND products used in AI data centers. The company delivered non-GAAP earnings per share of $4.78, beating consensus by $1.01, and achieved a net margin of 28.2%. Micron’s return on equity rose to 22.7% as average selling prices for memory chips increased by more than 40% sequentially. Management reiterated guidance for second-quarter EPS in the range of $8.22–$8.62, reflecting confidence in sustained tight supply and multi-year upcycle dynamics.

Micron unveiled a $24 billion plan to build a state-of-the-art wafer fabrication facility in Singapore, adding 700,000 square feet of clean-room space. Production is slated to begin in late 2028, with full capacity reached by 2031. The expansion is expected to support annual DRAM output growth of 25% and create approximately 1,600 new local jobs. Capital expenditures for fiscal 2026 are projected at $10–$11 billion, reflecting the company’s strategic commitment to address persistent AI-driven memory shortages without exacerbating short-term oversupply.

Following robust earnings, Mizuho raised its price target from $390 to $480 and maintained an outperform rating. Raymond James increased its objective from $190 to $310, while Morgan Stanley lifted its target from $338 to $350, leaving the consensus rating at Buy. Insider activity shows executives trimmed 197,725 shares totaling over $50 million, offset by insider purchases of 23,200 shares valued at $7.8 million. Vanguard and State Street each boosted stakes by roughly 0.7%, bringing institutional ownership to 80.8%, underscoring broad confidence among major asset managers.