Micron’s Record Quarter Shows AI Memory Boom Has Become a Balance-Sheet Event

Boise, 1 October 2026 – Micron Technology has reported fiscal fourth-quarter revenue of US$54.23 billion, up from US$41.46 billion in the preceding quarter and US$11.32 billion a year earlier, as demand for memory used in artificial-intelligence systems accelerated. The scale of the jump makes the result more than a semiconductor-cycle recovery. It shows how quickly spending on AI infrastructure is feeding through to suppliers of high-bandwidth and server memory.

The clearest measure is Micron’s core data-centre business, where quarterly revenue reached US$18.00 billion against US$1.58 billion a year earlier. That is about 11.4 times the prior-year figure, rather than an 11-fold increase in all company revenue. Its cloud-memory unit contributed a further US$16.28 billion. These segments reflect distinct products and customers, but together they show why investors now watch memory availability as closely as computing-chip supply.