Micron Technology has rebounded about 30% from roughly $739 on July 29 to $974.33 on Aug. 20 and around $967 on Aug. 21, after a summer selloff pushed the stock more than 20% below its June peak near $1,255. Shares were up 241.59% year to date and 732.62% over one year before closing 0.77% lower at $966.78 on Friday and falling another 0.37% in extended trading. Fiscal third-quarter revenue reached $41.46 billion, up 345.72% year over year, or approximately 346%, with non-GAAP earnings per share of $25.11. Fiscal fourth-quarter guidance calls for $50.0 billion in revenue and $31.00 in earnings per share. Gross margins reached approximately 85% as tight DRAM and high-bandwidth memory, or HBM, supply supports AI demand. CEO Sanjay Mehrotra said customers seek 50% more memory than Micron can commit and have provided $22 billion in cash deposits and related financial commitments under signed agreements. CFO Mark Murphy said about $18 billion is in cash deposits, with the remainder in letters of credit, and roughly $10 billion of deposits is expected in fiscal Q4. The binding take-or-pay agreements include 14 of 16 deals representing about $100 billion in cumulative revenue at minimum prices. Mehrotra said five-year, extendable agreements provide assurance of demand but cautioned that nothing goes in a straight line. Counterpoint Research said meaningful production relief may not arrive before 2028 because AI demand is absorbing conventional DRAM as well as HBM. Analysts remain bullish, although Micron faces cyclical, capital-spending, geopolitical, trade and export-control risks.