Micron Revenue Surges 346% on AI Memory Demand

Micron Technology reported a 346% year-over-year revenue increase to $41.5 billion for the third quarter, fueled by the demand for high-bandwidth memory (HBM) used in generative artificial intelligence data centers. As one of only three companies capable of commercial-scale HBM production, the company saw its earnings per share more than double to $24.67 and its gross margin reach 84.6%.

This surge in AI-driven demand has created global production bottlenecks. To meet the need for HBM, the company redirected manufacturing capacity away from other segments, resulting in supply shortages and price increases for mobile and automotive memory.

Company performance mirrors previous historical memory demand cycles, specifically the personal computer boom of the 1990s and the smartphone boom of the late 2000s.