NEW YORK, June 23, 2026, 07:17 (EDT)
Micron Technology’s latest results are up next on Wednesday, with the stock down 8% in premarket trading as investors pulled back from memory chip names after their record run. Nasdaq 100 futures dropped 2.5%. The move comes as a broad tech selloff hit the AI trade this week.
Micron’s reach goes beyond its own business. The company sells high-bandwidth memory, or HBM, used next to AI chips, plus server memory and storage. Its numbers are a gauge for data-center demand and how tight supply is boosting prices. Micron said it already sold out its HBM slots for 2026, and production on the next-generation HBM4 is underway.
Micron reports its fiscal Q3 numbers after the bell Wednesday, with a call set for 4:30 p.m. EDT. The company last guided for $33.5 billion in revenue, give or take $750 million, an adjusted gross margin near 81%, and adjusted EPS at $19.15, plus or minus 40 cents.
Expectations are now ahead of guidance. The Wall Street Journal shows a consensus estimate for adjusted earnings at $20.76 per share, up from $19.49 a month earlier. Visible Alpha sees revenue of $36.15 billion and earnings at $20.95. Morgan Stanley analysts on Monday said they think Micron will beat consensus.
Micron Technology NASDAQ:MU said Monday it reached a deal with Anthropic that puts a spotlight on memory as a key limit for AI. Micron’s business head Sumit Sadana said AI has “permanently elevated the role of memory and storage.” Anthropic’s compute chief Tom Brown called Micron’s products “central to how efficiently we can train and serve Claude.” The companies said the agreement includes a supply deal and a Micron investment in Anthropic. They did not provide any numbers. Micron Technology
Micron’s numbers look strange for an industry known for volatile cycles. The company’s second-quarter revenue jumped to $23.9 billion, almost three times last year, with adjusted operating profit coming in at $16.5 billion—33% above what analysts expected, according to the Journal in March.
Micron jumped 6.8% Monday to finish at an all-time high of $1,211.38, after Needham’s Quinn Bolton lifted his target on the stock to $1,550. Shares are up more than fourfold so far this year.
Some investors argue demand is strong and not just about valuations. Burney Company’s investment-strategy head Andy Pratt said “there’s still a lot of juice.” Integrated Partners’ Steve Kolano called it: “the demand is just through the roof.” Analysts say Big Tech’s AI spending could top $700 billion this year, up from $400 billion projected for 2025. Reuters
Samsung Electronics and SK Hynix both dropped over 12% in Seoul on Tuesday. Investors pulled back from the memory-chip rally that had sent the Korean market to record highs, dragging Micron’s South Korean competitors lower as well.
Micron might beat its guidance but still fall short for investors. Susquehanna’s Mehdi Hosseini said the key is whether gross margins stay above 80%, but called operating margins of 70%-75% “the more important issue.” A weaker Q4 guide, sliding memory prices, or faster capacity growth could raise doubt about a lasting shortage and could turn a strong report into a sell-the-news event. MarketWatch
Micron NASDAQ:MU faces different questions on Wednesday. Most expect AI demand to stay high. Now, investors want to see if shortages, pricing and customer agreements will last to keep margins close to recent records for a memory chipmaker. That level would have seemed out of reach just years back.
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