NEW YORK, June 30, 2026, 08:04 (EDT)
- Micron Technology Inc. NASDAQ:MU traded at $1,145.28, up $14.43 ahead of Nasdaq’s regular hours. The company’s market value was near $1.31 trillion.
- The stock trailed iShares Semiconductor ETF NASDAQ:SOXX, Western Digital NASDAQ:WDC and Seagate Technology NASDAQ:STX in the early quotes.
- Operating income isn’t usually the focus, but Micron’s cloud and core data-center units posted about $20.3 billion in FQ3. That’s more than double the company’s revenue in the same quarter last year.
- Samsung Electronics Co Ltd KRX:005930 and SK Hynix Inc. KRX:000660 put a new supply risk in focus for investors with their plan for an 800 trillion won South Korean chip cluster.
Nasdaq is open for trading Tuesday. The 2026 calendar shows the next market holiday is July 3 for Independence Day. Premarket runs 4 a.m. to 9:30 a.m. Eastern, with regular hours from 9:30 a.m. to 4 p.m. Eastern.
Micron traded at $1,145.28, up $14.43 or 1.3%. But the best gains in the memory space didn’t go to Micron. The semiconductor ETF rose 4.0%, Western Digital jumped 11.2%, and Seagate added 7.6%.
| Instrument | Latest quote | Move from prior close | Market value |
|---|---|---|---|
| Micron Technology Inc. NASDAQ:MU | $1,145.28 | up $14.43, or 1.3% | $1.31 trillion |
| iShares Semiconductor ETF NASDAQ:SOXX | $614.35 | gained $23.87, up 4.0% | — |
| Invesco QQQ Trust NASDAQ:QQQ | $724.08 | added $17.60, or 2.5% | — |
| Western Digital Corp. NASDAQ:WDC | $651.88 | jumped $65.89, up 11.2% | $224.69 billion |
| Seagate Technology Holdings PLC NASDAQ:STX | $968.53 | rose $68.50, or 7.6% | $221.79 billion |
The gap is key because Micron shares are trading more like a locked-in data-center profit play than a standard memory stock. With the company at $1.31 trillion in market cap, what matters for investors isn’t just today’s DRAM price squeeze. The real test is how much profit sticks around when new supply comes online.
Micron reported FQ3 revenue of $41.46 billion, up from $9.30 billion last year. GAAP gross margin came in at 84.6%. Non-GAAP diluted EPS was $25.11. For its fiscal Q4, Micron forecast revenue of $50.0 billion, give or take $1.0 billion, gross margin about 86%, and non-GAAP diluted EPS of $31.00, plus or minus $1.00.
| Micron FQ3 unit | Revenue | Operating margin | Implied operating income |
|---|---|---|---|
| Cloud Memory | $13.77 billion | 78% | $10.74 billion |
| Core Data Center | $11.52 billion | 83% | $9.56 billion |
| Mobile and Client | $11.52 billion | 86% | $9.91 billion |
| Automotive and Embedded | $4.63 billion | 75% | $3.48 billion |
The two data-center units accounted for around 61% of company revenue. Based on Micron’s stated unit margins, the pair brought in about $20.3 billion in operating income for the quarter, which is 2.2 times Micron’s own quarterly revenue for the same period in 2025. CEO Sanjay Mehrotra said Micron is “investing at record levels” and expects multi-year customer deals to add “durability and predictability” to the company’s financial results. Micron Technology
The way those contracts are set up is pushing some sell-side targets above the quote. D.A. Davidson’s Gil Luria says Micron now has “some of the semi industry’s best visibility” into demand and revenue, which he calls “a far cry from its historical role” in the market’s cycles. Luria said the biggest deals are “take-or-pay” with both price caps and floors over the life of the contracts. MarketWatch
Raymond James’s Melissa Fairbanks said Micron is “one of the best beneficiaries of the current memory cycle,” citing AI demand not only for high-bandwidth memory but also for regular DRAM and enterprise SSDs. MarketWatch
Google Finance’s analyst tracker listed 29 buys, one hold, no sells out of 30 latest ratings. The average 12-month target sat at $1,563.93, with the highest at $2,200. C J Muse at Cantor Fitzgerald set a $2,000 target on June 29. Google Cantor bumped the target to $2,000 from $1,500 and stuck with Overweight, saying multiyear contracts may drive up to half of revenue at strong margins.
Samsung and SK Hynix said they plan to spend 800 trillion won ($518.3 billion) on two new chip fabs each in South Korea’s southwest, as part of a plan unveiled Monday. On Tuesday, Reuters reported that South Korea aims to double memory-chip output within five years.
Morningstar’s Jing Jie Yu said memory prices are still locked to demand and supply, warning that more capex could mean oversupply down the line. CLSA’s Sanjeev Rana said the memory industry downturn is a risk for the plan, but memory makers could slow investment if there’s too much capacity.
Micron’s biggest help for now is timing. Reuters reported that most of the new Korean supply won’t show up until late next decade. The company is also putting up cash right now, with $18.3 billion in adjusted free cash flow for FQ3, capex at $7.1 billion, and cash, marketable investments and restricted cash totaling $30.2 billion at the end of the quarter.
