Micron Blows Out Q3 and Guides Q4 to $50B on AI Memory Demand

Revenue More Than Quadrupled

Micron's fiscal Q3 landed at $41.46 billion in revenue, more than four times the $9.30 billion it did a year ago and comfortably above the roughly $35.84 billion LSEG consensus. Non-GAAP EPS came in at $25.11 and GAAP gross margin hit 84.6% — against 39% in the same quarter last year. That margin line tells you everything: this is not a volume story, it's a pricing story.

The engine is the data center. Core data center revenue of $11.52 billion was up more than sevenfold from $1.53 billion a year ago, with cloud memory adding another $13.77 billion. HBM is effectively sold out for the year, and that scarcity is flowing straight to the bottom line. This is the cleanest read yet on how concentrated the AI buildout's memory demand has become.

The $50 Billion Guide Is the Real Catalyst

Beats are table stakes for this name — Micron has topped consensus for several straight quarters. What actually moved the stock was the forward number. Management guided Q4 to $50.0 billion ± $1.0 billion in revenue, roughly 86% gross margin, and $31.00 non-GAAP EPS — a guide that sits about $8.5 billion *above* the record quarter it just printed.

The supply backdrop justifies it. HBM4, built on 1-beta DRAM, is in high-volume shipments for the lead customer, with qualification samples out to multiple end customers and the 12-high ramp tracking faster than HBM3E did. When a company guides up sequentially off a quarter that already quadrupled year-over-year, the market stops debating where the cycle tops and starts repricing the run rate.

The Korea Gap Resolved to the Upside

Context for the perp move: MU went into this print having dropped about 13% the prior session, part of a Korea-led memory selloff — Seoul's regulator flagged leveraged ETFs tracking Samsung and SK Hynix — rather than anything wrong at Micron itself. Options were pricing roughly a 17% swing into a binary report, so the stock held the gap instead of filling it.

It resolved up. The underlying gained about 13% after-hours toward $1,186, and the HIPERWIRE MU perp ran 16.64%. Reuters had framed the report as a pulse check on the AI rally's momentum — the gap that looked like risk going in became the launch pad coming out, and the broader AI-memory trade got its confirmation.