Micron Stock: Revenue Rises 379% as AI Memory Demand Hits Record High

In its official Q4 results, Micron reported adjusted earnings of $33.42 per share, adjusted net income of $38.40 billion and operating cash flow of $43.97 billion. Revenue rose from just $11.32 billion in the same quarter a year earlier.

The outlook was even stronger. Micron guided for $61.5 billion in fiscal Q1 2027 revenue, plus or minus $1.5 billion, ahead of the roughly $57 billion Wall Street expected. Adjusted EPS guidance of $38.15 also topped consensus estimates.

AI Memory Demand Is Still Accelerating

The scale of Micron’s growth is increasingly tied to AI data centers.

Cloud Memory generated $16.28 billion during the quarter, while Core Data Center revenue reached $18 billion, meaning the two AI-heavy segments accounted for more than $34 billion combined.

That extends a trend that has already made Micron one of the strongest AI stocks in the S&P 500, with MU gaining roughly 1,313% over five years.

The company is also locking in demand further ahead. Financial commitments under long-term supply agreements climbed to $32 billion from $22 billion in June, while remaining performance obligations expanded to roughly $150 billion from $100 billion last quarter.

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Micron now expects the global memory market to become even tighter in 2027 and 2028, as demand for HBM and advanced DRAM continues to outpace new manufacturing capacity.

That scarcity is also why HBM has become one of the most valuable parts of the AI supply chain, particularly for systems built around Nvidia and other high-end accelerators.

At the same time, Micron faces a fresh legal risk. Netlist is seeking a U.S. import ban on certain Micron HBM products used in Nvidia, Google and Broadcom hardware. No ban has been imposed, but the dispute adds another potential constraint to an already tight market.