Micron Technology reported a fiscal third-quarter 2026 revenue beat, record profitability and a fourth-quarter outlook above Wall Street estimates, helping ease concerns that AI spending may take too long to pay off. The company said customers had committed $22 billion to secure memory-chip supply, reported a record 84.9% gross margin and said it does not yet know when supply will catch up with demand. The earnings reaction lifted U.S. and Asian semiconductor shares, drove heavy MU derivatives trading on June 26 and added pressure to a whale’s short positions tied mainly to Micron, SK Hynix and a DRAM index. Several brokerages later raised their target prices on the stock.