Chipmaker Micron Technology is in the spotlight as it gets ready to release its earnings today. Micron Technology, Inc. (Nasdaq: MU) holds its fiscal third quarter earnings conference call on Wednesday, June 24, 2026, at 2:30 p.m. Mountain time, after the bell. Micron’s post-earnings analyst call will be on June 24, 2026, at 6:00 PM EDT.
After two days of stock market volatility in semiconductor stocks and significant market swings driven by large flows associated with SpaceX, it remains to be seen how AI sector stocks perform today.
Micron, a $1.19 trillion market cap company, saw its share price slump 13% on Tuesday, to close at $1,051.77. Yet MU’s stock performance in recent months has been staggering, soaring 726% over the past 12 months and is up 268% since January.
Some analysts and investors have expressed concern about such enormous gains, but proponents of AI claim that the earnings for the company are robust. Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment and tight industry supply.
“With MU now trading above $1,000, a major level, volatility is to be expected before any potential push towards $2,000. A strong result and confident guidance would help steady sentiment across semiconductors. A weaker update would keep pressure on a part of the market that has already started to correct,” says Zaheer Anwari, Co-Founder and CEO at The Revacy Fund.
Adding to the momentum, two days before the Q3 results, Micron and Anthropic announced a strategic agreement to scale next-generation AI infrastructure.
Expectations
In Q2, MU generated revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year.
Diluted earnings per share (EPS) for Q2 were $12.07, as against $4.60 in Q1, rising from $1.41 in Q2 of FY25.
According to Bloomberg analyst consensus estimates, Micron is anticipated to report earnings per share (EPS) of $20.39 on revenue of $35.5 billion for the third quarter. From the $1.91 the company reported in Q3 of last year, that would translate into a 967% year-over-year increase in EPS.
“If Micron Technology delivers and the macro backdrop remains stable, the AI trade can regain its footing. If earnings disappoint and the rate narrative becomes even more hawkish, the correction can deepen. For now, we remain focused on stocks that are outperforming the index, where the trends are clear and durable, and we are watching Micron Technology’s print closely,” adds Zaheer.
Risks and Reward
According to SimplyWall.st, the price-to-earnings ratio stands at 49.2x, below the Semiconductor industry average of 68.8x. Earnings are projected to grow by 33.68% annually and have increased by 417% over the past year, indicating good value relative to peers and the industry. However, the company faces risks, including a high level of non-cash earnings, a volatile share price over the last three months compared to the US market, and significant insider selling during the same period.
Rise of Micron
Micron had a market value of $136 billion last June and has seen a remarkable rise of over 700% in its stock value over the past year, boosting its market cap to $1.19 trillion. Micron Technology, based in Idaho, achieved a valuation of $1 trillion on May 26, having doubled its value in just 48 days. This growth has made Micron a prominent player in the technology sector and one of the top US-listed companies, surpassing notable firms like Walmart and Intel.
Micron is engaged in the design, development, manufacturing, and sale of memory and storage products across multiple regions, including the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and other international markets.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Data and estimates cited are sourced from publicly available reports and analyst consensus figures. Stock prices and market conditions are subject to change. Readers are advised to consult a qualified financial advisor before making any investment decisions.
