Micron’s Jaw-Dropping Earnings Show It Is Leaving Nvidia Behind in the AI Boom - Yahoo Finance

Micron Technology delivered a stunning Q3 2026 earnings report, surpassing market expectations with $41.5B in revenue and $25.11 EPS, driving its stock up 18% pre-market. The company posted $28B in pr... Read original →

Micron’s explosive Q3 earnings reflect the inflection point where AI infrastructure demand for HBM directly translates into financial performance. Technically, HBM has become the critical bottleneck in AI compute stacks, forcing GPU designers like NVIDIA to co-optimize memory and logic through advanced packaging—Micron’s lead in 24-layer HBM3E mass production gives it strategic leverage. On compliance, U.S. export controls increase Micron’s CapEx in Japan and the U.S., but simultaneously de-risk its supply chain from China exposure, adding a geopolitical premium. NVIDIA may respond by accelerating in-house HBM development or deepening ties with SK Hynix to counterbalance Micron’s pricing power. Over the next 18 months, as trillion-parameter AI models proliferate, HBM content per system will double, positioning Micron not as a memory vendor but as a core enabler of AI scaling—shifting its valuation from cyclical to structural growth.