Micron delivers blowout earnings, surges 16% and deals crypto bulls a blow
CoinDesk 2026-06-25 10:01:54
Context: Micron Technology, a computer memory chipmaker, reported blowout quarterly earnings, surpassing Wall Street expectations and forecasting stronger than expected revenue for the fourth quarter. The company's strong performance lifted AI memory stocks, including SanDisk and SK Hynix, and had a slight impact on the cryptocurrency market. Micron's earnings report revealed a significant surge in revenue and earnings per share, driven by the growing demand for AI infrastructure.
Key Facts
- Micron Technology's third-quarter revenue came in at $41.5 billion, significantly beating estimates of $35.7 billion, while earnings per share (EPS) reached $25.11 compared with expectations of $20.49.
- The company's CEO, Sanjay Mehrotra, stated that there is "no line of sight" to when AI memory supply would catch up with demand, with shortages expected to persist well beyond 2027.
- Micron's strong earnings report led to a 16% surge in its shares during premarket trading on Thursday, while SanDisk and SK Hynix each jumped around 13%.
- The company's fourth-quarter guidance forecast revenue of approximately $50 billion, well ahead of Wall Street expectations of $43.2 billion.
- The AI boom, fueled by Micron's strong performance, has weighed heavily on the crypto market this year, with bitcoin currently trading at around $60,000, more than 50% below its October all-time high.