Micron Technology set to surpass all US companies in profitability except Nvidia and Google - Crypto Briefing

Micron Technology posted exceptional results in Q3 2026, reporting $41.46 billion in revenue and $28.24 billion in net income, with a gross margin of 84.9%, surpassing most U.S. companies except NVIDI... Read original →

Micron’s 84.9% gross margin in Q3 2026 reflects not just AI-driven memory demand but a strategic pivot from commodity DRAM to being an indispensable node in the AI compute stack. Its deep integration with NVIDIA on HBM supply has temporarily insulated it from cyclicality. However, Samsung and SK Hynix are aggressively scaling 3nm-based HBM3E with expanded EUV layers, targeting volume output by late 2027. Without breakthroughs in TSV density, CoWoS co-optimization, or optical I/O integration, Micron’s pricing power will erode as supply catches up. U.S. export controls on advanced packaging tools may delay rivals’ ramp but simultaneously inflate Micron’s domestic production costs. Within 12–24 months, the HBM market will shift from acute shortage to structural oversupply—only players with full-stack co-design capabilities will sustain premium margins. Micron’s current rank is a milestone, not a moat.