❯ Micron’s quarterly revenue jumps 379% to $54 billion as AI memory demand extends the chip boom

Another beatAccording to CNBC, Micron reported fiscal fourth-quarter revenue up 379% year over year to $54.23 billion, above analyst estimates of $51.07 billion; net income rose 1,078% to $37.7 billion. Its revenue guidance for the next quarter also beat expectations.

HBM sold out past next yearMicron is one of the world’s three big memory makers, competing with Samsung and SK Hynix. AI servers need large amounts of high-bandwidth memory (HBM), stacked next to GPUs to feed them data at high speed. Micron has said its 2026 HBM capacity is fully sold out under multi-year contracts, with tight supply expected to last beyond 2027. Revenue in the prior quarter was $41.5 billion.

Costs flow downstreamThe shortage is a windfall for Micron, but it raises costs for the cloud providers and AI companies buying GPU servers. Pricier HBM makes each AI server more expensive, which eventually shows up in compute rental and model API prices. As long as data center construction doesn’t slow, memory makers will keep their pricing power.

▪ SIGNALThe first to make big money in AI are often not the model makers but the sellers of bottleneck parts, and memory is the narrowest neck right now.