Overview
- Micron reported fiscal Q2 revenue of $23.86 billion and guided Q3 to about $33.5 billion with roughly 81% gross margin and around $19.15 in non-GAAP EPS.
- The company locked price and volume for all of its 2026 high‑bandwidth memory supply and began high‑volume HBM4 production for Nvidia’s Vera Rubin platform, the ultra‑fast memory used with GPUs for AI.
- Micron says it can meet only about half to two‑thirds of medium‑term demand, a shortfall that points to ongoing shortages and firm pricing.
- Shares have jumped more than 500% over the past year, and several analysts now see the stock reaching $600 or more as AI buildouts keep demand strong.
- Risk flags are rising as well, with BTIG noting Micron trades over 100% above its 200‑day average and with the memory market’s past boom‑bust cycles still a concern.