Micron surges on record earnings as Wall Street awaits inflation data

Micron Technology shares jumped after the Boise, Idaho memory maker posted record fiscal third-quarter revenue of $41.46 billion and Wall Street turned its attention to fresh inflation data due later Thursday. The move lifted sentiment across chip stocks and helped keep S&P 500 futures firm as investors weighed whether the AI trade could keep powering equities while price pressure remained unsettled.

Micron said fiscal third-quarter revenue rose from $23.86 billion in the prior quarter and $9.30 billion a year earlier, a pace that underscored how sharply demand tied to artificial intelligence had accelerated. The company reported GAAP net income of $28.24 billion, or $24.67 per diluted share, and non-GAAP net income of $28.86 billion, or $25.11 per diluted share. Micron ended the quarter with $30.2 billion in cash, marketable investments and restricted cash.

Chief Executive Sanjay Mehrotra said the record results and a stronger fourth-quarter outlook reflected the strategic value of memory in the AI era. The company also pointed to multi-year Strategic Customer Agreements, saying the contracts should make performance more durable and predictable. Micron’s board declared a quarterly dividend of 15 cents a share, payable July 21, 2026 to shareholders of record as of July 6, 2026.

The stock move landed against a tense macro backdrop. The U.S. Bureau of Economic Analysis was scheduled to release the latest Personal Consumption Expenditures price index on June 25, the Federal Reserve’s preferred inflation measure. The agency’s last reading showed April 2026 PCE inflation at 3.8% year over year, up from 3.5% in March, keeping pressure on policymakers as they weighed the path of interest rates and the persistence of price gains.

Micron’s latest surge also extended a dramatic run in the stock, which had climbed about 700% over the past year. That advance has turned the company into a high-profile barometer for the AI buildout, with traders using its results as a gauge of chip demand and broader technology stock sentiment just as inflation data threatened to redirect the market’s attention.