Overview
- Micron reported fiscal Q3 revenue of about $41.46 billion and guided to roughly $50 billion for fiscal Q4, beating analyst expectations and sending its shares up roughly 16 percent.
- Management disclosed 16 multi‑year strategic customer agreements that include roughly $100 billion in minimum contractual revenue and $22 billion in deposits or commitments that lock in future supply.
- The company said HBM3E and HBM4 capacity is fully booked through calendar 2027 and that demand stretches into 2028, with CEO Sanjay Mehrotra saying there is no line of sight to when supply will catch up.
- Micron acknowledged that Chinese firms CXMT and YMTC have improved capability and gained market share while noting most of their output remains sold domestically.
- Analysts sharply raised price targets and buy ratings after the results, and the sector faces structural limits because new fabs take years to build, which will keep data‑center memory tight and raise consumer prices for devices.