Micron stock jumps 9% as soaring prices from memory crunch lead to quadrupling of revenue
Source: CNBC
Micron Technology reported a dramatic surge in its fiscal third-quarter results, with revenue more than quadrupling compared to the same period a year ago, driven by insatiable demand tied to the artificial intelligence boom. The memory chip maker's stock climbed 15% in after-hours trading following the announcement. The company also issued a forward revenue guidance of approximately $50 billion for the current quarter, far surpassing analyst expectations of $43.58 billion and up significantly from $11.3 billion in the prior year.
The primary driver behind Micron's extraordinary growth is the AI-fueled explosion in data center demand, which has caused memory prices to skyrocket over the past two years. As AI chips consume virtually all available production capacity from a limited pool of suppliers, prices have risen not only for high-end server memory but also for memory used in everyday consumer devices such as smartphones and laptops. CEO Sanjay Mehrotra warned analysts that supply shortages are expected to persist, with meaningful industry-wide improvements not anticipated until 2028.
Micron's gross margin expanded dramatically, rising to 84.9% in the third quarter from just 39% a year earlier, reflecting the company's pricing power in a supply-constrained market. Net income surged to $28.24 billion, or $24.46 per share, compared to $1.89 billion a year ago. The most explosive growth came from the core data center business, where revenue climbed more than sevenfold to $11.5 billion, while cloud memory revenue soared over 300% to $13.77 billion, underscoring Micron's central role in the AI infrastructure ecosystem.
To capitalize on this sustained demand, Micron has secured 16 long-term strategic agreements with major customers including data center operators and automakers, locking in sales commitments for three to five years. The company expects these agreements to eventually cover roughly half or more of its total revenue, providing greater financial visibility. CFO Mark Murphy highlighted that these binding volume commitments give Micron the confidence to make large-scale capital investments, with the agreements expected to generate $22 billion in financial commitments from customers.
Micron's stock has risen approximately 700% over the past year, pushing its market capitalization beyond $1 trillion and cementing its status as a Wall Street darling. Its technology is essential for AI chips produced by industry giants such as Nvidia and Google. Beyond data centers, all four of Micron's business units recorded strong growth, including the mobile and client segment, which saw 250% revenue growth, and the automotive and embedded segment, which more than quadrupled, illustrating the broad-based nature of the AI-driven memory demand cycle.
Japanese translation
マイクロン・テクノロジーは第3四半期の決算で収益が前年同期比4倍超に急増したと発表した。人工知能（AI）ブームに伴う旺盛な需要が牽引役となり、時間外取引で株価は15%上昇した。また、今四半期の売上高見通しとして約500億ドルを示し、アナリスト予想の435億8000万ドルを大きく上回った。
急成長の主因は、データセンターにおけるAI需要の爆発的拡大だ。限られたメーカーが持つ生産能力をAIチップがほぼ独占する中、メモリ価格は過去2年間で高騰した。スマートフォンやパソコン向けメモリの価格も上昇している。サンジャイ・メロトラCEOは、供給不足が続き、業界全体での改善は2028年まで見込めないと述べた。
売上総利益率は前年同期の39%から84.9%へと大幅に拡大し、供給逼迫市場における価格支配力の強さを示した。純利益は281億ドルへと急増し、前年の18億9000万ドルから飛躍的に伸びた。データセンター事業の収益は7倍超の115億ドルに達し、クラウド向けメモリは300%超増の137億7000万ドルとなった。
マイクロンはこの持続的な需要を取り込むため、データセンター事業者や自動車メーカーなどと3〜5年の長期契約を16件締結した。これらの契約は将来的に同社収益の約半分以上をカバーする見込みで、220億ドルの財務的コミットメントが期待される。マーク・マーフィーCFOは、拘束力のある数量確約により大規模投資の確信が得られると説明した。
マイクロンの株価は過去1年で約700%上昇し、時価総額は1兆ドルを超えた。NvidiaやGoogleのAIチップに不可欠な技術を持つ同社は、ウォール街の寵児として確固たる地位を築いている。モバイル・クライアント部門が250%増、車載・組み込み部門が4倍超と、すべての事業部門でAI主導の需要拡大が広く波及していることが裏付けられた。
Key vocabulary
- quadrupleverb
To become four times as large or to multiply something by four.
和訳: 4倍になる
The startup's user base quadrupled within a single year after its viral marketing campaign.
- supply-constrainedadjective
Describing a market situation where the availability of goods or resources is limited, restricting production or sales.
和訳: 供給制約のある
In a supply-constrained environment, even modest increases in demand can cause prices to spike sharply.
- lock inphrase
To secure or commit to a fixed price, rate, or agreement so that it cannot easily be changed.
和訳: （価格・契約を）確定させる、固定する
The airline locked in fuel prices for the next two years to protect itself against market volatility.
- pricing powernoun
The ability of a company to raise prices without significantly reducing demand for its products.
和訳: 価格支配力
A strong brand reputation gives a company considerable pricing power, even in a competitive market.
