Overview
- Micron shares have fallen roughly 20% from recent highs, with another drop Monday, even after record fiscal Q2 results and a sharply higher outlook.
- The company reported $23.9 billion in revenue and $12.20 in EPS for fiscal Q2, then guided to even stronger results as prices for DRAM and NAND surged.
- Management says supply for DRAM and NAND will stay tight beyond 2026, and some customers are getting only half to two-thirds of the memory they want.
- Micron plans to spend more than $25 billion in fiscal 2026 and to lift construction spending by over $10 billion in 2027 to expand high‑bandwidth memory for AI chips.
- Analysts are split as efficiency headlines from Alphabet and TurboQuant pressure the stock, while Morgan Stanley and Bank of America back the long-term case and Cantor Fitzgerald cites upside with a $700 target.