Micron posts record Q3 profit as AI‑driven memory chip demand spikes

Micron Technology, the U.S. memory‑chip maker, reported third‑quarter 2023 results that far exceeded expectations. Revenue rose to $41.5 billion, up fourfold from a year earlier, while GAAP net income surged to $28.2 billion, lifting earnings per share to $24.67. The strong performance sent the stock up more than 13 % after the market close.

The company attributed the boom to soaring demand for DRAM and NAND chips used in artificial‑intelligence models, a shortage that analysts expect to last into 2027. Micron disclosed a supply agreement with AI startup Anthropic and participation in Anthropic’s Series H funding round. It also forecast fourth‑quarter revenue of $49‑$51 billion and reaffirmed its outlook for continued cash‑flow growth.

Management highlighted record operating cash flow of $25.4 billion for the quarter and outlined ongoing investments in technology, capacity and strategic customer agreements to meet the expanding AI market.