Micron Rallies Ahead of September 30 Margin Test

Micron Technology shares rose 3.2% to $1,076.98 during the regular session on September 22, 2026, as investors positioned ahead of the memory maker's fiscal fourth-quarter results scheduled for September 30. The company has guided to roughly $50 billion in quarterly revenue and about an 86% GAAP gross margin, a bar that would extend an exceptional run. Fiscal third-quarter revenue, reported June 24, 2026, came in at $41.46 billion with a GAAP gross margin of 84.6%. Planned fourth-quarter capital spending is about $10 billion, up sharply from $7.1 billion in the prior quarter. Analyst views diverge on how long such margins can hold. Stifel's Brian Chin reiterated a Buy rating and a $1,500 price target on September 21, projecting fiscal fourth-quarter revenue of $50.78 billion and arguing that constrained DRAM shipment expansion could sustain tight supply and support pricing. Chin also cautioned that investors should prepare for a more measured rate of upside than in recent quarters, in part because more revenue now flows through supply agreements with locked-in pricing.