Micron Technology projects $33.5 B revenue and 81% margin as AI memory demand soars

Micron Technology said it will report fiscal Q3 2026 earnings on June 24, projecting revenue of about $33.5 billion and a non‑GAAP gross margin near 81%, far above the roughly 39% margin recorded a year earlier. The company attributes the surge to high‑bandwidth memory (HBM) used in AI accelerators, reporting that its HBM capacity is fully sold out through 2026 with demand exceeding supply by 50‑67%. Micron’s market capitalization topped $1 trillion in May 2026 as AI‑driven infrastructure spending accelerates.

Separately, market analysts caution that Micron’s strong outlook follows a historically cyclical semiconductor market. Past cycles have seen revenues collapse by as much as 70% after peak periods, and analysts stress the importance of price‑to‑sales ratios as early warning signs of a downturn. The commentary underscores that while current margins are unprecedented for a hardware maker, investors should remain vigilant about the sector’s inherent volatility.