Micron jumps 5% to $1,096 ahead of Sept. 30 results; Wall Street expects $31.24 a share, barely above guidance

Micron Technology shares rose 5.0% to close at $1,096.16 on Tuesday, according to Nasdaq data, up from $1,043.96 on Monday. That puts the memory maker's market value near $1.24 trillion, with the stock still about 12.7% below its 52-week high of $1,255. The company reports fiscal fourth-quarter results on Wednesday, September 30, with a conference call at 2:30 p.m. Mountain time, Micron said. We found no company announcement behind Tuesday's move, which came on a day the Nasdaq closed at a record.

What Micron promised

In its June 24 earnings release, Micron guided the quarter that ended in August to:

• Revenue of $50.0 billion, plus or minus $1.0 billion.
• Gross margin of about 86%.
• Non-GAAP earnings of $31.00 a share, plus or minus $1.00 (GAAP $30.73).

The consensus from 10 analysts compiled by Zacks is $31.24 a share, according to Nasdaq. That is only 24 cents above the midpoint of Micron's own range. After a quarter in which Micron earned $25.11 a share on revenue of $41.46 billion, analysts are forecasting the guidance and not much more.

The number behind the number

The headline figures are huge, but the growth is slowing. Revenue rose from $23.86 billion to $41.46 billion between the fiscal second and third quarters, a gain of $17.6 billion, or 74%. The $50 billion guide is a gain of about $8.5 billion, or 21%. Micron is still growing very fast, but the step up it has guided to is about half the size of the last one. The earnings reaction on September 30 is likely to depend on the outlook for the November quarter, not the August one.

That is also why the stock looks cheap on paper. Four quarters at the guided $31 would be $124 a share, and $1,096 is about 8.8 times that. A multiple that low for a company growing this fast suggests the market expects memory prices, and these margins, to come down at some point. The bull case needs Micron to show on the 30th that its multi-year "Strategic Customer Agreements," which it announced with the June results, lock in demand and pricing.

Who it hits

The segment table in the June release shows who is paying. Micron's Mobile and Client unit, which sells memory for phones and PCs, had an 87% gross margin in the May quarter, up from 24% a year earlier, on revenue of $11.52 billion versus $3.26 billion. The Core Data Center unit's margin went from 38% to 87%. Margins like that come out of what device makers pay for memory, and those costs feed through to the price of laptops, phones and servers.

• Businesses replacing laptops or servers: a supplier earning 87% gross margins on the memory inside that hardware is under little pressure to cut prices. A guide on September 30 that points to further increases means hardware budgets set this summer may run short.
• Traders: Micron is now worth more than $1.2 trillion, so its results matter for the Nasdaq 100, not just for chip stocks. What Micron says about data-center demand is also read as a signal for the rest of the AI trade.

Related: AMD tops $1 trillion and Tuesday's market close. More at Stocks.

Sources: Micron fiscal Q3 2026 release (SEC filing); Micron investor relations; Nasdaq quote, market-value and consensus data. Multiples and growth rates calculated by The Company Chronicle. This is market information, not investment advice.