Micron Technology (MU)

Micron Technology (MU) is the only US-based maker of DRAM and the high-bandwidth memory (HBM) that every AI accelerator depends on. In fiscal Q2 2026 it reported revenue of $23.86 billion, nearly triple a year earlier, with EPS of $12.20, and guided fiscal Q3 to $33.5 billion. It reports next on June 24, 2026.

What does Micron do?

Micron designs and manufactures memory and storage: DRAM, NAND flash, and the stacked high-bandwidth memory that sits beside AI accelerators. It reports through four business units, and in fiscal Q2 2026 all four were repriced by AI demand at once: Cloud Memory earned $7.7 billion (up 163% year over year), Core Data Center $5.7 billion (up 211%), Mobile and Client $7.7 billion (up 245%), and Automotive and Embedded $2.7 billion (up 162%) (Micron 8-K, Mar 18, 2026). Micron is the only DRAM maker headquartered in the United States, which puts it on the policy-favored side of the same reshoring push that backs Intel.

How is AI driving Micron’s business?

Through the memory wall. Modern AI accelerators are limited less by raw compute than by how fast data can reach the chip, so each one ships with stacks of HBM, and AI servers carry far more DRAM than conventional ones. That demand collided with tight supply: Micron’s company-wide gross margin went from 36.8% to 74.4% in four quarters, and revenue from $8.05 billion to $23.86 billion (Micron 8-K, Mar 18, 2026). The roadmap is tied directly to the accelerator cycle: volume production of HBM4 began in Micron’s fiscal first quarter for NVIDIA’s Vera Rubin platform, with HBM4E planned to ramp in 2027 (CNBC, Mar 18, 2026). Chairman and CEO Sanjay Mehrotra framed the shift with the results:

“Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3. In the AI era, memory has become a strategic asset for our customers.”

— Sanjay Mehrotra, chairman, president and CEO, Micron (Micron 8-K, Mar 18, 2026)

What did Micron report most recently?

In fiscal Q2 2026 (the quarter ended February 26, 2026), Micron posted revenue of $23.86 billion, up from $8.05 billion a year earlier and $13.64 billion the prior quarter (Micron 8-K, Mar 18, 2026). GAAP net income was $13.79 billion, or $12.07 per diluted share; non-GAAP EPS was $12.20. GAAP gross margin reached 74.4%, operating cash flow was $11.90 billion, and adjusted free cash flow was $6.9 billion. The board raised the quarterly dividend 30% to $0.15 per share. A calendar note: Micron’s fiscal year ends in late August, so fiscal Q2 covers December through February.

What is Micron’s guidance?

For fiscal Q3 2026, Micron guided revenue to $33.5 billion plus or minus $750 million, which would be another roughly 40% sequential step up, with a non-GAAP gross margin of approximately 81% and non-GAAP diluted EPS of $19.15 plus or minus $0.40 (Micron 8-K, Mar 18, 2026). The verdict on that guidance arrives quickly: Micron has confirmed it will report fiscal Q3 results on June 24, 2026 (Micron, May 27, 2026).

What are the risks for Micron?

• Memory cyclicality. A 74.4% gross margin in a business that earned 36.8% a year earlier is a supercycle reading; memory has historically swung from shortage to oversupply faster than any other semiconductor segment.
• Capacity response. Micron and its Korean rivals are all adding supply; if capacity lands as AI demand growth moderates, pricing can unwind quickly.
• Customer concentration. The HBM ramp is tied closely to NVIDIA’s accelerator cadence, so a slip in that platform cycle would pass straight through to Micron.
• Competition. SK hynix and Samsung contest every HBM generation, and qualification losses at a single hyperscaler or accelerator vendor move share materially.

Related securities, concepts & terms

Micron is the memory pillar of the US AI semiconductor concept, the US-listed supply side of the AI build-out.

• US AI Semiconductorparent
• NVIDIA (NVDA)sibling
• SK Hynix (000660)related
• Samsung Electronics (005930)related
• AI acceleratorrelated
• HBM (High Bandwidth Memory)related

Related indices & ETFs

• KODEX US AI Semiconductor TOP3 Plus ETF (0151S0) · Samsung Asset Management
  Korea-listed ETF (January 13, 2026) tracking the Akros US AI semiconductor index; Micron is a constituent of the concept.
• Akros U.S. AI Semiconductor Top 3 Plus Index (AUAIST3P) · Akros Technologies, Inc.
  The Akros index that frames the US AI semiconductor concept and the benchmark the KODEX ETF tracks.

These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.

Frequently asked questions about Micron

Sources & references

1. Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2026 (SEC 8-K, Exhibit 99.1) · Micron Technology, Inc. / SEC EDGAR, 2026-03-18
2. Micron Technology to Report Fiscal Third Quarter Results on June 24, 2026 · Micron Technology, Inc., 2026-05-27
3. Micron (MU) Q2 earnings report 2026 · CNBC, 2026-03-18
4. Micron Technology · investor relations · Micron Technology, Inc., 2026-06-10