Micron Shares Gain 7% on AI-Fueled Q2 Results

Micron Technology's shares surged 7 percent in Monday morning trading, reaching around $57.90 after closing Friday at $54.22, extending a year-to-date gain of 103 percent in 2026 and a 618 percent increase over the past year.

The rally follows the company's fiscal second-quarter 2026 results, released recently, which showed revenue nearly tripling year-over-year to $23.9 billion. Consolidated gross margins hit a record 75 percent, while non-GAAP earnings per share reached $12.20, surpassing analyst expectations. For the fiscal third quarter, Micron guided for revenue of about $33.5 billion and gross margins near 81 percent, reflecting robust demand across its DRAM, NAND and high-bandwidth memory (HBM) products.

Chief Executive Sanjay Mehrotra attributed the performance to artificial intelligence demand, stating that "AI has not just increased demand for memory; it has fundamentally recast memory as a defining strategic asset in the AI era." He described the current phase as the "first innings" of AI development, with inference workloads driving needs for faster, higher-capacity memory. Micron reported that its HBM products, critical for AI accelerators from companies including...