Micron sees no end to memory shortage as Q4 profit jumps

Micron Technology posted a sharp rise in fourth-quarter results driven by high demand for artificial intelligence hardware. Earnings per share reached $33.42, climbing 1,002% from $3.03 in the fourth quarter of 2025. Revenue rose 379% to $54.23 billion, up from $11.31 billion a year earlier.

Demand for memory and storage chips is being fueled by AI infrastructure across firms including OpenAI, Anthropic, Google, Amazon, Microsoft, Meta, and SpaceX. During an earnings call on September 30, 2026, CEO Sanjay Mehrotra said demand will easily outstrip supply for years to come. Mehrotra expects supply-demand conditions to be much tighter in fiscal 2027 and 2028 than in fiscal 2026.

CFO Mark Murphy told Yahoo Finance that the company has no line of sight on when supply will meet demand. While Micron is building new manufacturing facilities, Murphy noted that these sites take years to finish and months to ramp up production.

To protect against future downturns, Micron has signed 26 strategic customer agreements that account for over 35% of its revenue through 2030. Most of these deals set minimum and maximum price limits. Meanwhile, tight chip supplies are raising costs across the tech sector, including a $100 price increase on Apple's iPhone 18 Pro line.