Micron Technology Reports Record Revenue Driven by AI Demand

Micron Technology reported record fiscal fourth-quarter results on September 30, 2026, with revenue reaching $54.23 billion, a nearly 380% increase year-over-year. The growth was primarily driven by the Core Data Center business, which became the company's largest unit after growing over 1,000% year-over-year due to demand for High-Bandwidth Memory (HBM) used in GPU servers.

CEO Sanjay Mehrotra stated that the company has no "line of sight" to when supply and demand will return to balance, forecasting tighter conditions through 2028. To ensure financial durability, the company secured 26 strategic "take-or-pay" customer agreements extending into 2031. Micron is expanding its global footprint with planned fab expansions in Idaho and new facilities in Japan and Singapore, with output expected by late 2028.

Despite the record earnings and a year-to-date stock gain exceeding 270%, shares remained flat following the report. Analysts attributed this reaction to the news being priced in and a slight dip in expected gross margins resulting from increased employee incentive compensation.