Micron Technology reported record revenue of $54.23 billion for its fiscal fourth quarter and guided to about $61.5 billion for the current quarter, as demand for memory in AI servers continued to outstrip supply, Investing.com reported Wednesday. The shares were roughly flat in after-hours trading near $1,066, a sign that investors had largely priced in the result.

What Happened

For the quarter ended Sept. 3, revenue rose 31% from the previous quarter and 379% from a year earlier, according to the company's earnings release. GAAP net income was $37.70 billion, or $32.87 per diluted share; on a non-GAAP basis Micron earned $33.42 a share. Investing.com said revenue beat analyst estimates by about 7.5% and earnings per share by about 7.3%. Non-GAAP gross margin reached 87.0%.

For the full fiscal year 2026, revenue was $133.19 billion, up 256%, and GAAP net income was $84.97 billion. Net capital spending for the year was $27.37 billion, and Micron ended the year with $73.48 billion in cash, investments and restricted cash.

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All four business units were large in their own right. Core Data Center brought in $18.00 billion, Cloud Memory $16.28 billion, Mobile and Client $13.11 billion and Automotive and Embedded $6.82 billion. Data center SSD revenue alone was close to $10 billion, more than 10 times the year-ago level, according to the earnings slides.

For the fiscal first quarter of 2027, Micron guided to revenue of $61.5 billion, plus or minus $1.5 billion, a non-GAAP gross margin of about 86.25% and non-GAAP earnings of $38.15 a share, plus or minus $1.00.

Why It Matters

The commentary on supply mattered as much as the numbers. Management said agreements covering most of Micron's calendar 2027 supply of high-bandwidth memory (HBM) are complete, with significant price increases from the prior year. Executives said they had no line of sight to when supply and demand will balance, and described DRAM as the principal constraint on data center buildouts, ahead of logic chips or power.

That is a notable claim for an industry that has spent much of the AI boom focused on GPU allocations and grid connections. If memory is the binding constraint, pricing power shifts toward the three large DRAM makers, and AI infrastructure plans become more sensitive to their fab schedules.

Locking in Customers and Capacity

Micron said it has signed 26 strategic customer agreements that together cover more than 35% of its estimated revenue through 2030, with some extending into 2031. Customers have committed $32 billion, mostly in cash deposits, and about 75% of the revenue under those agreements has defined pricing, according to Investing.com.

The company said fiscal 2027 capital spending will rise above its prior plans, mostly for construction. Its fab timeline includes wafer output from Idaho ID1 in mid-2027, Idaho ID2 in late 2028, a Singapore HBM facility with initial output in early 2027 and a New York fab with first wafers by 2030.

What to Watch

Micron expects fiscal 2027 to be another record year with sequential revenue growth each quarter, and it described the first quarter as the floor for gross margin. Watch how quickly new cleanroom space comes online from late 2028, whether customers seek supply guarantees beyond 2030, and how rivals Samsung and SK hynix describe HBM and DRAM pricing when they next report.