Micron Technology Inc (NASDAQ:MU) stock fell 4.30% (As on March 19, 11:30:41 AM UTC-4, Source: Google Finance) after the company almost tripled its revenue in its latest quarter as it stormed past analysts’ expectations, and also provided blowout guidance for the current quarter. The company post a net profit of $13.78 billion in the quarter, up from a profit of just $1.58 billion in the same period a year earlier. The company’s fortunes have been aided by soaring demand for its memory chips, They’ve become fundamental components of Nvidia Corp.’s graphics processing units, which power artificial intelligence workloads. Of course, memory is also used in almost every other type of computing device too, including personal computers, smartphones, tablets and autonomous cars.

Moreover, Micron has shifted much of its production capacity towards high-bandwidth memory, which is a newer product that’s able to store data more efficiently and is used almost exclusively by AI servers. It’s easy to see why Micron is doing this, for HMB chips have higher margins than traditional memory products. During the quarter, Micron’s gross margin – profit left over after accounting for the cost of goods sold – rose from 37% a year earlier to 74% at the end of the quarter and rose 56% from the previous quarter. Revenue from Micron’s cloud memory business soared 160%, to $7.75 billion. Its mobile and client division saw even faster growth, with revenue rising from $2.24 billion a year earlier to $7.71 billion. In addition, the company kicked off volume production of its newest HBM4 memory products specifically for Nvidia’s upcoming Vera Rubin chips in the first quarter, and it’s planning to ramp up production of its next generation HBM4e products in 2027. The company will then pivot to manufacturing “custom HBM” in 2028 for Nvidia’s future Feynman GPUs, which are set to hit the market in 2028.

MU in the second quarter of FY 26 has reported the adjusted earnings per share of $12.20, beating the analysts’ estimates for the adjusted earnings per share of $9.31. The company had reported the adjusted revenue growth of 194 percent to $23.86 billion in the second quarter of FY 26, beating the analysts’ estimates for revenue of $20.7 billion.

For the current quarter, Micron expects to continue benefiting from the voracious demand for memory. It said it’s anticipating earnings of $19.15 cents per share on revenue of $33.5 billion, far ahead of the Street’s forecast of $12.05 in earnings and $24.3 billion in sales.