Micron's Q2 Revenue Nearly Triples Year-Over-Year to $23.9 Billion, Q3 Guidance Doubles Again: HBM4 in Volume Production for NVIDIA's Vera Rubin

According to 1M AI News monitoring, Micron Technology released its Q2 FY2026 financial report, with a revenue of $23.9 billion (an increase of 196% year-over-year, compared to $8.1 billion in the same period last year), significantly exceeding analysts' expectations of $20.1 billion. Adjusted earnings per share were $12.20, surpassing the expected $9.31. The gross margin increased from 36.8% in the same period last year to 74.4%, with a net income of $13.8 billion, compared to $1.6 billion in the same period last year.

The Cloud Memory business generated $7.8 billion in revenue, up over 160% year-over-year; the Mobile and Personal Computer business revenue was $7.7 billion, compared to $2.2 billion in the same period last year. CEO Sanjay Mehrotra stated that both AI and traditional server sectors are currently facing shortages in DRAM and NAND storage. The company projected a revenue of approximately $33.5 billion for Q3, a year-over-year increase of over 260%, far exceeding analysts' expected $24.3 billion; adjusted earnings per share are expected to be around $19.15, also well above the expected $12.05.

Mehrotra revealed during the conference call that HBM4, paired with NVIDIA's Vera Rubin GPU, began mass production in Q1 of this fiscal year, with the next-generation HBM4e set to start production in 2027; NVIDIA's Feynman GPU, scheduled for 2028, will use custom HBM. In terms of capital expenditure, Micron is constructing large wafer fabs in Idaho and New York: initial production is expected to start in mid-2027 in Idaho, while the $100 billion campus in New York broke ground in January this year, with wafer output anticipated to begin in the second half of 2028.