Quick overview

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Micron Technology just reported a massive, blowout Fiscal Q3 2026 earnings report after the market closed last night.

The stock has soared roughly 15% to 16% in extended trading, hitting  $1,196–$1,241 and pushing the company’s market cap to roughly $1.3 trillion. This explosive report single-handedly revived the broader AI and tech rally globally. Skyrocketed nearly 350% year-over-year to $41.5 billion for the quarter, crushing the $35.8 billion Wall Street expected.

 Exploded to $28.2 billion (from just $1.9 billion in the same period last year). Came in at $25.11, easily beating analyst estimates of $20.71.

Because high-bandwidth memory (HBM) chips used in AI data centers are in a severe global supply shortage, Micron holds massive pricing power. Their adjusted gross margin surged to 84.9% this quarter (up from 39% a year ago) and is projected to rise to 86% next quarter.

Micron forecast current-quarter sales of about $50 billion, wildly ahead of the $43.7 billion analysts were modeling. Management noted that the generational shortage of AI memory chips is structurally locked in, with supply constraints expected to put a floor under the market well into 2027.

Analysts are aggressively resetting their price targets on the news. Major firms like Bank of America, TD Cowen, and Needham have pushed their price targets to $1,500 and $1,550, arguing that HBM memory has shifted from a cyclical commodity into mission-critical, high-premium AI infrastructure.

This blowout completely reverses a sharp 12% macro-driven dip the stock took earlier in the week, reinforcing that the AI hardware infrastructure trade is still running incredibly strong.