Micron Technology Prepares for Q4 Earnings Amid AI Boom

Micron Technology is preparing to release its fiscal fourth-quarter earnings report on September 30, with analysts expecting revenue of approximately $50.8 billion and earnings per share of $31.35. The company has seen a massive surge in demand for high-bandwidth memory (HBM), a 3D-stacked DRAM critical for AI infrastructure, leading to a 203% revenue increase to $79 billion during the first three quarters of fiscal 2026.

The company is attempting to transition from a cyclical commodity model to a structural AI platform. To reduce volatility, Micron is utilizing Strategic Customer Agreements and long-term take-or-pay contracts, with 2026 HBM capacity already fully contracted. This shift is supported by massive capital expenditures from AI hyperscalers, including a $220 billion 2026 outlook from Amazon and $267 billion in orders from Nvidia through fiscal 2029.

Despite these gains, the stock has experienced extreme volatility, pulling back 22% from its June high before a recent rebound. While Melius Research has set a price target of $2,200, other investors warn of a potential oversupply by 2028 as new fabrication plants, including a massive Idaho facility, come online. Concerns have also emerged that Nvidia may reduce memory specifications for its upcoming Rubin systems to manage costs. CEO Sanjay Mehrotra stated the company has "no line of sight" to when supply will catch up to demand.