Overview
- Micron reported fiscal Q1 revenue of $13.64 billion and adjusted EPS of $4.78, topping estimates with broad strength tied to AI data center demand.
- Guidance for Q2 calls for about $18.7 billion in revenue and $8.42 in adjusted EPS, with gross margin projected near record levels in the high 60s.
- HBM output is effectively fully booked for 2026, and Micron says it expects to fulfill only about 50% to two-thirds of demand for several key customers.
- Capital spending for fiscal 2026 is raised to roughly $20 billion to expand advanced DRAM and HBM capacity, with new Boise production targeted for 2027 and a New York plant by 2030.
- Shares jumped double digits after the report as Micron and its two HBM rivals face persistent shortages that have driven memory prices higher and prompted server makers to raise system prices by roughly 15%.