Micron (MU) on Solana

Micron Technology posted a blowout fiscal third quarter, with revenue more than quadrupling year-over-year as a severe supply crunch for AI memory pushed prices sharply higher. Net income soared to $28.24 billion, or $24.46 per share, versus $1.89 billion ($1.68 per share) a year earlier, while gross margins expanded to 84.9% from 39% in the prior-year period. Data center sales climbed more than sevenfold to $11.5 billion, and cloud memory revenue surged over 300% to $13.77 billion, reflecting relentless demand from hyperscalers training and deploying large AI models. Shares jumped roughly 15% following the report.

The results underscore how acute the AI memory shortage has become. HBM3E chips — each Nvidia GB200 server rack requiring up to 288GB of them — carry lead times stretching nine months or longer, and Micron's fabrication plants in Idaho, Virginia, and Singapore are running at capacity. Looking ahead, the company guided Q4 revenue to approximately $50 billion (versus $11.3 billion a year ago), and disclosed that fourteen long-term supply agreements represent roughly $100 billion in contracted minimum revenue, backed by some $22 billion in customer cash deposits. The report lifted other memory-adjacent chip names, with SanDisk up 15% and Western Digital gaining 13% in sympathy.