Memory is a money-making machine in the AI age. Micron Technology crushed Wall Street estimates for the second quarter and raised its third quarter outlook. The company reported second quarter non-GAAP earnings of $12.20 a share on revenue of $23.86 billion.
Wall Street was looking for second quarter non-GAAP earnings of $8.73 a share on revenue of $19.51 billion.
For the third quarter, Micron projected non-GAAP earnings of $19.15 a share on revenue of $33.5 billion. Wall Street was expecting third quarter non-GAAP earnings of $10.77 a share on revenue of $23.27 billion.
Simply put, shortages are great for Micron's bottom line. Everything you buy including consumer electronics, servers, laptops etc. are going to be a lot more expensive. Thanks AI spending boom.
“The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board,” said Micron CEO Satya Kumar in what may be the understatement of 2026.
More: