Micron Earnings Preview: AI Memory Scarcity Faces Its Biggest Durability Test Yet
Micron reports fiscal third-quarter 2026 results after the market close on June 24, with expectations already set at record levels. The company’s own guidance points to $33.5 billion in revenue, roughly 81% non-GAAP gross margin, and $19.15 in non-GAAP EPS, following a fiscal second quarter that already delivered record revenue, margin, EPS, and free cash flow. That makes this report less about whether AI demand is strong and more about whether AI-driven memory scarcity can last long enough to justify a structural rerating of Micron, rather than another peak-cycle moment in DRAM and NAND.
2026/06/23
