Markets MU JUN 25, 2026

Micron prints $41.5B Q3, guides Q4 to $50B, snaps two-day AI selloff

MU jumped ~15% after-hours after revenue rose 346% YoY and management guided next quarter to $50B ± $1B with 86% gross margin.

BY HENLEY MARRAST · MARKETS DESK

Micron reported fiscal Q3 2026 revenue of $41.46 billion after Tuesday’s bell, up from $9.30 billion a year earlier and $23.86 billion the prior quarter, a 346% year-over-year print that single-handedly reversed the mood of a two-day global selloff in AI-adjacent equities. Shares jumped about 15% in extended trading per Bloomberg, on top of a $1,051.77 regular-session close.

The numbers underneath are the kind that rewrite sell-side models in real time. GAAP net income came in at $28.24 billion, diluted EPS at $24.67, non-GAAP EPS at $25.11. Guidance for Q4 is more arresting still: $50.0 billion ± $1.0 billion in revenue, gross margin around 86%, and non-GAAP EPS of $31.00 ± $1.00 on roughly 1.15 billion diluted shares. Memory pricing, at this point, isn’t behaving like a commodity. It’s behaving like a scarce input being bid for by hyperscalers with capex budgets that don’t blink.

CEO Sanjay Mehrotra framed the results as “reflect the strategic value of memory in the AI era.” The company also disclosed, via Reuters, that customers have committed $22 billion in upfront cash against its Strategic Customer Agreements, a structure Micron says will “significantly enhance the durability and predictability of financial performance.” Executives told analysts on the call that chip supply would remain constrained “beyond 2027.”

That guidance landed into a tape that had been pricing the opposite story. The SMH chip ETF fell 7% Tuesday; the Kospi shed 10.0%; CME-implied odds of a 2026 Fed hike had ripped from 57% a week earlier to roughly 90%, the classic doom-loop combination of AI capex anxiety and hawkish repricing. Micron’s print rewired the overnight session. Nasdaq 100 futures climbed 1.8%, S&P 500 futures added 0.5%, the Kospi rallied 5.5%, the Nikkei gained more than 2%, and MSCI’s Asia-Pacific ex-Japan index closed 1.6% higher.

StoneX senior market analyst Matt Simpson read the reversal precisely: “It doesn’t take much to restore confidence among stock traders, especially when mega themes such as AI are the main driver.” Two sessions of trillions in lost market cap, undone by one memory company’s guide. The narrative is doing more work than the rate path right now, and Micron just handed it fresh ammunition.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.