United States tech hardware maker Micron Technology (NASDAQ : MU) has smashed expectations in its third quarter report, showing revenue of US$9.30 billion, up 37% year-on-year, and driven by increased demand for AI-focused memory products.
The company's Q3 results showed earnings per share of $1.91, up 19% over an expected $1.59, while net income reached $1.89 billion compared to $332 million in the same quarter last year.
The memory sector benefits from supply constraints, as manufacturers prioritise HBM production over traditional DRAM due to U.S.-China trade war fallout restricting exports.
High-bandwidth memory (HBM) revenue grew 50% sequentially as data centre clients expand AI infrastructure.
That expansion drove Micron's data centre revenue, which doubled year-on-year - reflecting broader industry trends towards memory-intensive AI applications.
Operating cash flow increased to $4.61 billion from $3.94 billion in Q2, while gross margins held steady at 37.7%.
The company projects Q4 revenue of $10.7 billion (±$300 million), indicating ~15% sequential growth.
Micron recently announced $150 billion in planned U.S. manufacturing investments and $50 billion in R&D spending.
Shares in the tech giant closed at $126.27, up nearly 50% year-to-date.
