NEW YORK, June 23, 2026, 10:04 EDT
Micron Technology shares slipped roughly 11% on Tuesday morning, giving back ground after Monday’s all-time high. Investors pulled back ahead of the company’s quarterly report, which many view as a key test for the AI data-center trade. The stock was last seen at $1,075.47. That puts Micron’s market cap near $1.23 trillion.
That’s key now because Micron’s earnings aren’t just about PCs, phones, or the last memory cycle. Investors look at the numbers to see if AI data center demand can hold memory chip supplies tight, keep prices up, and support margins that used to seem out of reach for a typical cyclical chip name.
Micron will host its fiscal Q3 earnings call on Wednesday, June 24 at 2:30 p.m. Mountain time, according to the company. Back in March, Micron had projected revenue for the fiscal third quarter at $33.5 billion, give or take $750 million, and a gross margin near 81%. Adjusted EPS was seen coming in at $19.15, plus or minus 40 cents. Gross margin tracks what’s left from sales after covering production costs. Micron Technology
Wall Street is ahead of guidance now. Visible Alpha analysts are calling for Q3 revenue of $36.15 billion and adjusted EPS of $20.95, Investopedia said. Wedbush went higher, bumping their targets to $38.5 billion in revenue and $22.84 per share.
Micron on Monday said it signed a strategic deal with Anthropic that brings Micron memory and storage architecture into Anthropic’s AI models, and includes both supply commitments and a Micron investment in Anthropic’s Series H round. Micron chief business officer Sumit Sadana said AI has “permanently elevated” memory and storage demand. Anthropic co-founder Tom Brown said the move helps the company “secure the supply we need.” Micron Technology
The companies aren’t sharing financial terms. Reuters said Anthropic also inked capacity deals with CoreWeave, Broadcom and SpaceX as AI developers look to secure infrastructure while the cost of training and inference climbs. Inference is running an AI model after training.
Micron isn’t the only name traders are watching. Memory players like Samsung Electronics and SK Hynix are key for high-bandwidth memory, or HBM, used in AI chips. Barron’s said Tuesday that SK Hynix dropped in an Asian tech selloff, dragging on Micron early in U.S. trading.
Micron options traders are gearing up for a sharp move, CNBC’s Options Action said, referencing SpotGamma data. Implied volatility on Micron hit 116, and the market is betting on a roughly 10% move once the company reports. That expected move comes from how much risk is priced into the options contracts. According to the Options Action segment, call options premiums reached $2.6 billion of the total $3.3 billion traded on Monday for Micron options.
The setup can turn against the stock too. Michael Kramer at Mott Capital Management said in Seeking Alpha that heavy bullish call bets and high options premiums left Micron open to a drop after earnings if shares didn’t push higher. He warned about a volatility crush—when options lose value after news, even without a big move in the stock.
Margins could be the main driver for shares even with a headline beat. Susquehanna’s Mehdi Hosseini told MarketWatch the Street is focused on whether Micron keeps gross margins above 80%. Hosseini called it “the more important issue” to see if operating margins can stay between 70% and 75% in coming quarters, or longer. MarketWatch
Micron’s latest numbers landed strong for the bulls. Revenue for the fiscal second quarter jumped nearly threefold from a year ago to $23.86 billion. Adjusted earnings hit $12.20 a share. Operating cash flow reached $11.90 billion. CEO Sanjay Mehrotra at the time said, “memory has become a strategic asset” for customers in the AI era. Micron Technology
Wednesday is straightforward. Investors are looking for evidence that HBM, DRAM, and data-center storage demand keeps beating supply. They also want to see if deals like the ones with Anthropic can stretch out order visibility. The question is whether Micron’s margins will stay up after a rally that’s already baked in much of the upside.
