Overview
- Micron reported fiscal Q1 2026 revenue of $13.64 billion with non-GAAP EPS of $4.78, and guided Q2 revenue to about $18.7 billion with roughly 67%–68% gross margin.
- The stock rose about 10% after the release and is up more than 200% this year as brokers raised targets, including Bank of America to $300 (upgrade to Buy), Morgan Stanley to $350, and Deutsche Bank to $300.
- CEO Sanjay Mehrotra said demand outstrips supply across DRAM, NAND and HBM, noting Micron can fulfill only roughly half to two-thirds of customer needs as pricing moves higher.
- Research and company commentary indicate HBM capacity is sold out through 2026, while Micron plans nearly $20 billion of fiscal 2026 capex to add advanced-node and HBM capacity.
- Coverage flags traditional memory cyclicality, potential competition from China’s CXMT—reported to be eyeing a 2026 IPO and HBM3 output—and execution risk tied to large projects such as the proposed New York megafab of up to $100 billion.