Micron Technology rallied after delivering a blockbuster earnings report and upbeat guidance, lifting sentiment across AI memory stocks and related sectors.
The chipmaker’s strong Q3 results on Wednesday triggered a broad move higher in AI-linked equities and briefly spilled over into crypto markets.
Bitcoin (BTC) climbed back above $60,000 after the close, though analysts warned that rising AI-driven market enthusiasm could ultimately draw liquidity away from crypto assets.
Micron shares surged 16% in Thursday premarket trading after its quarterly outlook far exceeded Wall Street expectations. The company reported revenue of $41.5 billion versus estimates of $35.7 billion, while earnings per share came in at $25.11 compared with forecasts of $20.49.
Memory chips are now a critical component of AI infrastructure, particularly high-bandwidth memory (HBM), which is essential for training and running large AI models. CEO Sanjay Mehrotra said there is “no line of sight” to when supply will meet demand, suggesting shortages could extend well beyond 2027.
The company also issued strong fourth-quarter guidance, projecting revenue of around $50 billion, well above consensus estimates of $43.2 billion.
The broader AI boom has continued to pressure crypto sentiment this year, with bitcoin now more than 50% below its October peak and trading near the $60,000 level.
Micron additionally pointed to robotics as a key long-term driver of memory demand, comparing humanoid robots with advanced driver-assistance systems and noting they could require up to 10 times more memory, potentially supporting a multi-decade demand cycle.
Following Micron’s earnings, SanDisk (SNDK) and SK Hynix each gained around 13%. SK Hynix, a leading player in high-bandwidth memory, is also reportedly considering a U.S. listing that could value it near $30 billion.
AI-linked crypto mining stocks also moved higher, with IREN (IREN) and Cipher Mining (CIFR) both rising about 3% in premarket trading.
