Micron's quarterly profit jumps 15x on HBM demand, briefly surpassing Meta and Tesla by market cap
Micron posted fiscal Q3 revenue of $41.5B — quadruple the prior year — and profits of $28.2B (up from $1.9B), backed by 16 long-term supply agreements with customers including Nvidia and Anthropic that analysts read as a structural anchor against the sector's historic boom-bust cycle. The HBM shortage, forecast to run past 2027, and Q4 guidance of $49–51B make Micron the clearest public-market proxy for AI infrastructure demand outside Nvidia.
Source: techcrunch.com ↗
Given the strong likelihood of continued ASP growth in the coming quarters and improving revenue visibility thanks to a rapidly expanding set of long-term agreements, we see potential for more durable earnings growth.
William Blair analyst Sebastien Naji
Why this matters
- → Memory chip shortage persists through 2027, making Micron the clearest AI infrastructure play outside Nvidia.
- → 16 long-term supply contracts signal structural shift away from historic boom-bust cycles in chip manufacturin
- → Q3 profits jumped 15x; company briefly outvalued Meta and Tesla as market recognizes AI demand durability.
Memory shortage extends AI boom