MU 季报震撼市场

2025/12/17 MU 季度营收同比涨57%，净利润同比涨180%。PE 23.6

For the November quarter, the chip company reported earnings per share of $4.78, compared with Wall Street's consensus estimate of $3.96, according to FactSet. Revenue came in at $13.6 billion, which was above analysts' expectations of $12.9 billion. For the current quarter, Micron forecast a revenue range with a midpoint of $18.7 billion, above analysts' expectations of $14.3 billion.

"Outside of NVIDIA this was likely the best revenue/$ net income upside in the history of the U.S. semis industry," Morgan Stanley analyst Joseph Moore wrote in a note to clients Thursday.

Moore is referring to the Nvidia earnings report from May 2023, which sparked the start of the artificial-intelligence trade. At the time, Nvidia provided a quarterly revenue outlook of $11 billion versus the $7.2 billion consensus.

"We anticipate our business performance to continue strengthening through fiscal 2026," Micron CEO Sanjay Mehrotra said in the earnings release.

On the call with analysts, Micron management said the market for HBM memory will grow to $100 billion in 2028 from $35 billion this year. The company said HBM is sold out for 2026, adding the supply of memory chips will be "substantially short" of demand for the "foreseeable future."

Management also said demand is driven by large well-capitalized technology companies that are implementing multi-year data-center infrastructure buildout plans.

"There has been a very significant and pervasive step-up in demand across the data-center customer base," Sumit Sadana, Micron's chief business officer, said on the earnings call.

Micron's earnings, guidance, and commentary is evidence the AI buildout is accelerating. At least according to a major chip supplier, there is no sign of weakness yet.