Micron Smashed Even the Bulls: Evercore Says This AI Rally Has the 'Earnings Power' to Last - 24/7 Wall St.

Micron Technology delivered a stunning quarterly report in Q3 2026, posting a non-GAAP gross margin of 84.9%, a figure that defies industry norms and signals a fundamental shift in the company’s busin... Read original →

Micron’s 84.9% non-GAAP gross margin in Q3 2026 signals that AI-driven memory valuation has shifted from speculation to structural reality. Technically, HBM4’s tight integration with NVIDIA’s Blackwell and AMD’s MI450 forces logic chip designers to treat DRAM as a performance-defining element, not just a commodity. On the compliance front, U.S. export controls on advanced packaging tools raise Micron’s capex in Japan and Singapore, yet long-term agreements with NVIDIA mitigate supply chain volatility. In response, Samsung and SK Hynix will likely fast-track HBM4 ramp and deepen CoWoS collaborations with foundries in Taiwan, China. Over the next 12–24 months, memory makers will evolve into 'bandwidth gatekeepers' of AI infrastructure, shifting investment from volume scaling to customized 3D stacking—and permanently rewriting semiconductor valuation models.