Global Market: Micron earnings test looms as AI memory demand stays strong

Micron Technology is heading into its September 30 fiscal fourth-quarter earnings report with the bar set high. The company reported record fiscal third-quarter revenue of $41.46 billion and guided for about $50 billion in fourth-quarter revenue with an 86% gross margin. (Sources: TipRanks, Longbridge)

Goldman Sachs analyst James Schneider expects another strong quarter from Micron, citing continued tightness in DRAM and NAND markets. His estimates call for $51.9 billion in revenue, an 87.3% gross margin and EPS of $32.54, above Wall Street expectations cited by TipRanks.

Investors will be watching DRAM pricing, demand for high-bandwidth memory, HBM4 shipments and new long-term customer agreements. Schneider expects Micron to maintain or expand its roughly 20% HBM market share, while the durability of pricing strength remains a key issue for the stock.

China’s ChangXin Memory Technologies has started mass production of its fifth-generation DRAM platform. CXMT says the new platform can produce at least 50% more dies per wafer than its previous generation, potentially improving its position in conventional DRAM.

CXMT accounted for 9.5% of global DRAM revenue in the second quarter of 2026, according to figures cited by TipRanks. Its latest products are focused largely on conventional and mobile DRAM, while Micron and SK Hynix have increasingly emphasized HBM and server memory for AI data centers.

Micron shares have been consolidating ahead of results, while analysts are looking for a potentially large move after earnings. Longbridge cited Wall Street expectations for about $50.9 billion in fourth-quarter revenue and highlighted technical support around the 50-day EMA. The broader debate now combines strong AI-driven memory demand with questions over valuation and future supply growth, particularly from China.
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