MU Micron Technology Inc

What the last report said

Wed, Jun 24, 2026

Micron FY26Q3: AI-driven HBM4 ramp + SCAs signed, record revenue/gross margin; Q4 guidance raised to $50B/$31 EPS

• HBM4 volume ramp & customization acceleration: HBM4 36GB 12-Hi in high-volume shipment for NVIDIA Vera Rubin; 48GB 16-Hi samples shipped; HBM4E development on track for 2027 volume production
• Strategic Customer Agreements (SCAs) materialized: First five-year SCA signed with specific multi-year supply/demand commitments, enhancing business visibility and model stability
• AI-driven structural pricing power: DRAM prices up mid-60s% YoY (Q2 call), NAND up high-70s% YoY (Q2 call), combined with higher-mix HBM/DDR5/LP5X driving gross margin +10.2pp QoQ to 84.6%
• Data center business explosion: Cloud BU ($13.8B) and Core DC BU ($11.5B) both set new records, together accounting for 61% of total revenue; AI server DRAM/NAND supply remains constrained
• Rapid node adoption: 1γ DRAM and G9 NAND now dominant; 1γ expected to exceed 50% of DRAM bit mix by mid-2026; G9 NAND powers full SSD portfolio (PCIe Gen6 high-performance / 245TB QLC / Gen5 client)

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