Micron Technology reported fiscal third-quarter 2026 revenue of $41.46 billion, up 346% from $9.3 billion a year earlier, while net income reached roughly $28.24 billion. Micron shares surged 18.4% on June 25, lifting its market capitalization to approximately $1.398 trillion and briefly putting it ahead of Meta Platforms and Tesla. The rally reflects strong demand for high-bandwidth memory used in AI data centers, with customers committing roughly $22 billion in advance orders. CEO Sanjay Mehrotra said significant new memory capacity is unlikely to arrive until 2028, keeping supply constrained while AI demand expands. The company now expects record quarterly revenue of up to $51.33 billion, while earnings per share are expected to reach around $31.72, compared with $3.03 a year earlier. Micron previously forecast about $50 billion in fiscal fourth-quarter revenue, more than five times the comparable quarter’s $9.3 billion. UBS raised its price target to $1,625 per share, implying a market capitalization of around $1.8 trillion. Micron crossed the $1 trillion market-capitalization threshold on May 26, 2026, adding nearly $400 billion in value in a month. Advance customer commitments provide visibility into future revenue even if AI spending moderates.