Memory chip crunch boosts US chipmaker Micron
Original: The memory chip crunch is paying off for this US company
Why This Matters
Memory chip shortage fundamentally reshapes semiconductor market dynamics and profitability during AI era.
Micron, the largest U.S. memory chip maker, saw shares surge 13% after reporting Q3 earnings on June 24, 2026. Revenue quadrupled to $41.45 billion year-over-year, with profit jumping to $28.2 billion from $1.88 billion. The company's market cap reached $1.2 trillion.
The AI boom has triggered severe shortages of memory chips, critical components for compute-intensive AI models, with some analysts predicting the shortage could persist through 2027. This supply crunch, termed "RAMageddon," has driven prices higher, affecting both enterprises and consumers. Apple CEO Tim Cook recently warned that price increases are unavoidable. Amid this competition for limited chip supplies, Micron Technology has emerged as a major beneficiary. The Idaho-based company's stock price surged dramatically from approximately $83 in early 2024 (market cap $91 billion) to $1,048.51 as of June 24, 2026 (market cap $1.2 trillion). In Q3 2026 earnings reported after market close on Wednesday, Micron posted exceptional financial results. Revenue reached $41.45 billion, more than quadrupling from the year-ago period. Profit surged to $28.2 billion compared to $1.88 billion in the prior-year quarter. The company provided a positive outlook, forecasting fourth-quarter revenue between $49 billion and $51 billion. The earnings announcement came the same week Micron secured a major supply deal with AI laboratory Anthropic for memory and storage chips. Micron also participated in Anthropic's Series H funding round, though investment amount was not disclosed.