Micron Reports Record $54.2 Billion Revenue Amid AI Demand

Micron Technology reported record fiscal fourth-quarter revenue of $54.2 billion, surpassing analyst expectations of $51.07 billion. The company saw a 343% year-over-year surge in DRAM revenue and a 526% increase in NAND flash memory revenue, with its data center business growing from $1.57 billion to $18 billion over the past year. Adjusted earnings reached $33.42 per share, beating the projected $31.61.

To meet sustained demand from the artificial intelligence industry, the company is investing approximately $250 billion to build two high-bandwidth memory manufacturing campuses in the United States. Micron forecasts that memory supply will remain tight through 2028, noting that over 75% of its fiscal year 2027 shipments are already covered by agreements. CEO Sanjay Mehrotra attributed the growth to "Super Intelligence" and stated the company lacks a clear timeline for when supply and demand will return to balance.

While financial institutions like Bank of America and JPMorgan maintain bullish outlooks, some analysts warn that increasing DRAM capacity in China via ChangXin Memory Technologies could eventually stabilize prices. Investor Michael Burry has bet against the company by purchasing put options expiring in June 2027, arguing that the AI bubble may burst and production will eventually catch up to demand. Despite these concerns, Micron issued strong guidance for the first fiscal quarter, projecting revenue of approximately $61.5 billion.