Micron reports record AI chip sales, boosting market cap amid Wall Street AI shake‑up

Micron Technology announced quarterly revenue of $41.46 billion, a 346% increase from a year earlier, and net earnings of $28.24 billion. The surge was driven by explosive demand for AI‑related memory chips—DRAM and high‑bandwidth memory (HBM)—used by major cloud providers and AI developers. The company secured 16 long‑term agreements worth about $22 billion, guaranteeing sales over the next three to five years. Following the report, Micron’s shares jumped more than 15%, adding roughly $186 billion to its market capitalization and pushing its total value above $1.39 trillion, placing it among the world’s most valuable firms.

The earnings beat stood out as Wall Street erased nearly $3 trillion in market value from other large tech firms during the same week, reflecting growing investor skepticism about AI spending. Micron’s performance highlighted the premium placed on scarce memory components, underscoring its strategic role as the only U.S. supplier of HBM chips in a market dominated by South Korean rivals.