Micron Posts $23.86 Billion Revenue and Raises Guidance as AI Memory Sales Triple

Micron Inc. posted fiscal second-quarter revenue of $23.86 billion, nearly tripling the year-ago period and significantly beating Wall Street estimates, driven by unprecedented demand for memory chips in artificial intelligence data centers. Earnings per share reached $12.20, surpassing analyst forecasts by 38.6%, while revenue from high-bandwidth memory, or HBM, crossed $1 billion for the first time in a single quarter. Combined AI-related memory revenue hit $10 billion, more than five times the level from 12 months ago.

The company also raised its fiscal third-quarter revenue guidance to $33.5 billion at the midpoint, nearly $10 billion above the prior quarter, as CEO Sanjay Mehrotra emphasized that memory has transitioned from a standard commodity to a constrained strategic asset. Supply cannot currently keep pace with demand, with Micron’s entire calendar 2026 HBM output already sold under long-term agreements. Mehrotra noted that the memory maker can only fulfill 50% to 67% of medium-term demand from its largest customers, as HBM production requires more than three times the wafer capacity of standard DRAM. Management expects tightness across HBM, DRAM, and NAND to persist well beyond 2026, with the HBM market forecast to grow to approximately $100 billion by 2028.