Micron Technology stock surged following the June 24 release of its third-quarter earnings and fourth-quarter outlook, which crushed expectations and showed demand for memory chips is still soaring.
Shares of the chipmaker jumped nearly 16 percent on Thursday, closing the session at $1,213, with a market cap of nearly $1.37 trillion. At its intra-day peak of $1,255, its market cap briefly passed Meta and Tesla, making Micron the 11th-largest company in the world before falling behind the two companies at the market close.
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” Sanjay Mehrotra, president and CEO of Micron, said. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
Micron recorded $41.46 billion in revenue compared to $23.86 billion the previous quarter and $9.3 billion for the same period last year. It beat its expectations of $35.57 billion by more than 16 percent.
The company’s earnings per share of $25.22 more than doubled that of its previous quarter and jumped from only $1.68 at the same quarter last year. It crushed expectations of $20.49 by over 22 percent.
At the same time, the company predicted around $50 billion in fourth-quarter revenue, and earnings of nearly $31 per share.
Micron’s third quarter of fiscal 2026 ended on May 28.
The Boise, Idaho-based company continues to be one of Wall Street’s hottest firms as shares rose nearly 62 percent in the past month and 853 percent in the past year. On May 26, the company passed the $1 trillion mark in market value.
Micron announced an agreement with Anthropic on June 22, through which Micron will invest in Anthropic’s Series H funding round, Anthropic will supply memory and storage infrastructure for data centers, and the two firms will jointly analyze memory and storage subsystem performance.
“Our compute strategy depends on getting every layer of the stack right, and memory and storage are central to how efficiently we can train and serve Claude,” Anthropic cofounder Tom Brown said. “Partnering with Micron means we collaborate closely on optimizing these systems for our workloads and secure the supply we need.”
Micron said Claude, when applied to some of Micron’s most “complex and high-impact challenges,” creates meaningful productivity and innovation gains.
Micron stock jumped nearly 7 percent on Monday following the announcement but fell over 13 percent the next day as part of a broader chip sell-off and market fear.
