Micron Earnings Preview: EPS Expected to Surge 940% YoY, May Surpass Nvidia as the Largest Contributor to S&P 500 Profit Growth

BlockBeats news, September 30 — Micron Technology will report fourth-quarter fiscal 2026 results after the U.S. market closes on Wednesday. FactSet data shows analysts expect Micron's earnings per share for the quarter ended August to rise about 940% year over year. If the forecast materializes, Micron could surpass Nvidia for the first time in at least two and a half years to become the single largest contributor to S&P 500 profit growth in the third quarter.

FactSet expects S&P 500 third-quarter profit growth of 29.1% year over year; excluding Micron, growth would fall to 24%, meaning Micron alone would boost the index's overall growth rate by about 5 percentage points. Rising demand from AI servers for high-bandwidth memory and other storage products, combined with relatively limited supply expansion, has driven up memory chip prices and improved profitability. Micron's ranking in contributing to S&P 500 profit growth has climbed from ninth in last year's third quarter to sixth in the fourth quarter, and to third in the first half of this year.

Another focus of this earnings report is the progress of HBM4 mass production. Susquehanna analyst Mehdi Hosseini expects that mass production and shipments of Nvidia's Rubin platform may be more concentrated after April 2027, so HBM4's significant boost to Micron's revenue may mainly materialize in 2027. He expects HBM4 average selling prices to be more than 50% higher than current HBM3e, and has set Micron's fiscal 2027 earnings per share forecast at about $200, above the market consensus of about $165. Micron's stock price has risen nearly 280% this year, with a market capitalization of about $1.2 trillion.