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Micron Technology (MU) reported earnings in what management called one of the most severe memory shortages the industry has seen. AI data centers need more DRAM and HBM chips, and supply has struggled to keep up. Wall Street expected adjusted earnings of $31.72 per share on $51.49 billion in revenue, compared with earnings of $2.86 per share a year earlier.
Micron beat both estimates. After the close on Sept. 30, the company reported adjusted earnings of $33.42 per share and revenue of $54.23 billion, up about 379% from $11.32 billion a year ago. It was the seventh straight quarter of triple-digit earnings growth, while gross margin reached about 86%. MU shares had entered the report trading at more than three times their price at the start of 2026, giving the company a market value above $1.2 trillion.
