Micron jumps 16% on blowout earnings, lifting AI
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- Micron Technology (MU) surged 16% in premarket trading after Q3 revenue came in at $41.5B versus the $35.7B estimate and EPS hit $25.11 versus the $20.49 consensus, with Q4 revenue guided to ~$50B against $43.2B expected.
- Sanjay Mehrotra told analysts there is "no line of sight" to AI memory supply catching up with demand, with shortages of high-bandwidth memory (HBM) expected to persist well beyond 2027.
- SanDisk (SNDK) and SK Hynix each jumped roughly 13% on the news; SK Hynix, the HBM market leader, is reportedly exploring a US listing that could value it at around $30B.
- AI-linked crypto miners IREN (IREN) and Cipher Digital (CIFR) both rose about 3% in premarket trading, a rare tailwind for a sector where bitcoin is now more than 50% below its October all-time high and trading near the $60,000 level.
- HBM chips have become the backbone of AI infrastructure — essential for training and running large AI models — turning memory into one of the tightest supply nodes in the tech supply chain rather than a commoditized component.
Why it matters: AI infrastructure investors get a clear signal that the memory bottleneck won't ease before 2028, giving Micron, SanDisk, and SK Hynix sustained pricing power into next year. AI-linked miners like IREN and CIFR rode the 3% premarket lift — a rare bright spot for crypto with bitcoin still 50%+ below its October peak.
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