Key Highlights

  • Micron (NASDAQ:MU) has gained 159.02% over six months and 7.09% over three months, published market data shows, with the price at USD 1088.62 and a market cap of USD 1.23 trillion.
  • Fiscal fourth quarter Revenue was USD 54.23 billion, up from USD 11.32 billion a year earlier, yet the screener shows a P/E of only 14.7 for the stock.
  • Management guided fiscal first quarter 2027 revenue to USD 61.5 billion, plus or minus USD 1.5 billion, with non-GAAP EPS of USD 38.15, plus or minus USD 1.00.
  • DA Davidson was reported on October 7, 2026 to have lifted its price target to USD 3,000 from USD 2,100, while a Taiwan strike authorization adds an operating risk.

Record Quarter Reported September 30, 2026

Micron (NASDAQ:MU) reported fiscal fourth quarter 2026 results on September 30, 2026, in a release furnished to the SEC. Revenue was USD 54.23 billion, against USD 11.32 billion in the same quarter a year earlier. GAAP diluted EPS was USD 32.87 and non-GAAP diluted EPS was USD 33.42. GAAP gross Margin was 86.8% and non-GAAP gross margin was 87.0%. GAAP Net Income was USD 37.70 billion. For fiscal 2026 as a whole, revenue reached USD 133.19 billion versus USD 37.38 billion in fiscal 2025. The board also declared a Dividend of USD 0.15 per share, payable October 29, 2026, and the company repurchased USD 650 million of stock during the fiscal year.

Why Memory Pricing Drives the Numbers

The mechanism is pricing and mix. AI accelerators need large amounts of high bandwidth memory, which uses more silicon wafer per bit than standard DRAM, so Supply tightens and contract prices rise. When prices rise faster than costs, gross margin expands. Simple arithmetic on two reported numbers puts fourth quarter revenue growth at about 379% year over year. CEO Sanjay Mehrotra said AI is becoming Super Intelligence and that memory enhances it. Capital spending was USD 27.37 billion for fiscal 2026, including USD 10.77 billion in the fourth quarter, which is the cost of adding that supply. Guidance for the first quarter of fiscal 2027 points to USD 61.5 billion in revenue.

Cyclical Risk and What to Watch

Risks are specific. Memory is cyclical, and a quarter with 87.0% non-GAAP gross margin leaves little room above and plenty below if pricing eases or customers digest inventory. Published market data lists a 52-week high of USD 1,255.00, so Micron (NASDAQ:MU) trades about 13% under that peak, by simple arithmetic. A union at the company's Taiwan Facility was reported to have won authorization to strike over Bonus disputes, which could affect output if it proceeds. Heavy capital spending also raises the cost of any Demand slowdown. Upcoming items are the dividend payment on October 29, 2026 and fiscal first quarter results, with the date still to be set by the company.

Where Things Stand

Micron (NASDAQ:MU) surged because Earnings rose faster than the share price. AI memory demand lifted quarterly revenue to USD 54.23 billion, and the stock followed, gaining 159.02% in six months. A P/E of 14.7 means the market is not paying a large growth premium on trailing profit. Whether the gain holds depends on memory pricing staying firm through fiscal 2027. Screener figures are published market data as of October 7, 2026: price USD 1088.62, market cap USD 1.23 trillion, three-month gain 7.09%.