On March 18, Micron reported fiscal Q2 2026 earnings that stunned the market: Revenue hit $23.86 billion, surging 196.4% year-over-year. Even more striking—GAAP net profit reached $13.785 billion, a staggering 770.8% increase. Gross margin skyrocketed to 74.4% from 36.8% a year ago.

Behind the blowout results: storage chip prices took off. DRAM prices rose approximately 65% quarter-over-quarter, while NAND jumped nearly 80%. Micron's CFO cited tight industry supply combined with exploding AI demand as the catalysts.

Every business segment set records. The cloud storage unit hit $7.75 billion (up 160%) ; mobile and client segments reached $7.71 billion (up 244%) ; even automotive and embedded hit an all-time high of $2.7 billion.

The core driver? AI. HBM demand is insatiable. Micron's HBM4 is already shipping in volume, powering NVIDIA's latest Vera Rubin GPUs. Next-gen HBM4E is on track for 2027 production. Micron's message: AI is redefining memory's value.

This isn't a short-term spike. Micron forecasts Q3 revenue at $33.5 billion—far above the $24.29 billion consensus. And chip shortages may persist beyond 2026.

To feed the beast, Micron boosted FY2026 capex from $20B to $25B, with another $10B+ planned for FY2027. New fabs in Idaho and New York are underway.

Interestingly, the capex news triggered a 6% after-hours stock drop—despite shares already multiples higher over the past year.

ICgoodFind: Micron's results confirm the memory supercycle. AI is revaluing every DRAM and NAND chip, bringing sustained gains across the supply chain.