American memory chip manufacturer Micron Technology on Wednesday reported record quarterly results, driven by demand from data centers dedicated to artificial intelligence (AI).
The results sent its shares soaring a day after a slump in tech stocks that was led by South Korean companies SK hynix and Samsung.
Based in Boise, Idaho, its revenue soared 346% year-over-year to $41.46 billion.
Its net profit jumped 15%, reaching $28.24 billion.
AI firms flex lobbying muscle on both sides of the Atlantic Micron says it is expecting around $50 billion in revenue for the current quarter.
The growth reflects the shift in the market toward data centres: cloud and server-related activities now account for more than 60 percent of the company’s sales in the third quarter.
The accelerated construction of data centers has created a bottleneck for memory chip production, whose prices are skyrocketing, affecting all electronic products, including phones and computers.
No relief is expected before 2028, according to Micron.
Its results were seen as a test of sector demand, two days after the Seoul stock market dropped more than 10 percent amid concerns over record levels of AI-related spending.
Along with Micron, SK hynix and Samsung dominate the global memory market.
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The first of the three to release its latest quarterly accounts, Micron’s shares rose around 14 percent on Wednesday in after-hours trading, nearing its June 22 record without surpassing it.
The company indicated that its entire stock of high-bandwidth memory (HBM), a crucial component used alongside AI processors, is sold out for the rest of 2026.
