Analysts Set the Bar at Burj Khalifa Heights… Micron Rode Nvidia’s Demand Elevator to the Top Floor

Everyone: “Micron can’t possibly clear a bar this absurdly high.”

Micron: “Hold my trampoline, b*tch.”

Micron (+1.09%) rolled into earnings with Wall Street expecting a miracle after the stock ripped 41% in just the last month. And somehow, even though every analyst alive knew this was a ridiculous ask, the Boise boys delivered anyways.

Revenue came in at $11.3 billion vs. $11.15B expected. EPS? $3.03 vs. the $2.84 analysts had penciled in. That’s a 157% year-over-year earnings surge… the kind of growth you don’t get by selling memory chips… unless your biggest customer is Nvidia chain-smoking GPUs like they’re Newports.

And it wasn’t just the headline beat… the outlook slapped too. Micron basically said, “Yeah, AI isn’t a fad, and we’ve got the high-bandwidth memory everyone wants to bolt onto Jensen’s GPUs.” Their DRAM segment alone grew 70% YoY to $8.98B thanks to every AI data center treating Micron like the only gas station on the highway. Samsung is stumbling, SK Hynix is catching up, but Micron? They’re planting the flag.

Of course, it wasn’t all green lights. NAND (the long-term memory chips) flopped, down 5% YoY at $2.25B. But management threw their hands up and said: don’t worry, NAND’s coming back around fiscal 2026 when AI workloads start snacking on it too.

(Source: Quartz)

The real story here is that Micron’s up 97% this year… outpacing the “Magnificent Seven” average five times over. They’ve gone from “that company making boring memory” to “one of the biggest AI suppliers on the planet.” And unlike some AI startups who are fully reliant on OpenAI or Microsoft, only 16% of their revenue comes from Nvidia. So they’re a real business.

The funny thing is that the bar was set so high (Snoop Dogg level high) that nobody thought Micron would clear it. But they did, and now the whole “should I sell my Micron shares?” conversation is on ice for the moment.

Whether Micron’s worth sniffing at its already crazy valuation now comes down to one simple question: can DRAM demand keep climbing like rent in Nashville? If yes, then the rally’s got more legs. If not, it could be another case of AI euphoria wearing off fast.

But when you see an earnings beat like this (when it was supposed to be impossible), sometimes you have to put the bubble talks aside and embrace that maybe AI isn’t a reenactment of the dot com bubble.

At the time of publishing this article, Stocks.News holds positions in Microsoft as mentioned in the article.