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Micron Technology (NASDAQ: MU) delivered a standout second-quarter performance, surpassing Wall Street expectations on both earnings and revenue as surging demand for AI-optimized memory chips continues to reshape the semiconductor landscape.
The memory chipmaker reported adjusted earnings of $12.20 per share for the quarter ending February 26, handily beating the consensus estimate of $8.79. Quarterly revenue reached $23.86 billion, a remarkable year-over-year jump from $13.64 billion and well above the $19.19 billion analysts had projected.
CEO Sanjay Mehrotra credited the AI revolution for transforming memory into a mission-critical resource, noting that customers increasingly view high-bandwidth memory as a strategic necessity rather than a commodity. To meet this growing demand, Micron announced plans to invest over $25 billion in fiscal 2026 to expand its global manufacturing footprint — approximately $5 billion more than previously guided. The company also outlined an additional $10 billion in capital expenditures planned for fiscal 2027 to support further production capacity worldwide.
Despite the blowout quarter, shares dipped roughly 5% in after-hours trading as investors weighed the significantly higher spending commitments ahead.
Looking forward, Micron issued third-quarter guidance that far exceeded expectations. The company projected earnings of $19.15 per share, nearly double the analyst consensus of $10.57, with anticipated revenue between $32.75 billion and $34.25 billion, compared to estimates of $22.53 billion.
The bullish outlook is underpinned by tightening supply and rising DRAM and NAND prices, fueled by aggressive hyperscaler investment and expanding enterprise AI infrastructure. DRAM spot prices have climbed sharply since the start of the year, even trading above contract levels — a strong signal of sustained momentum.
Over the past year, Micron shares have surged approximately 358%, reflecting growing investor confidence in the company's positioning within the AI-driven memory cycle.
