Micron Technology reported fiscal fourth-quarter revenue of $54.23 billion, up 379% from a year earlier, as artificial-intelligence infrastructure intensified demand for memory and storage. Adjusted earnings reached $33.42 per share, above analysts’ $31.61 estimate, while gross margin reached 87%. Full-year revenue totaled $133.19 billion, up 256%, and GAAP net income for the quarter was $37.70 billion. Management said supply and demand should be much tighter in fiscal 2027 and 2028 than in 2026, with no clear timetable for supply to catch up. Micron expects first-quarter revenue of $60 billion to $63 billion and adjusted earnings of $37.15 to $39.15 per share. The company has 26 strategic customer agreements worth $32 billion, covering an estimated 35% of revenue through 2030 and extending into 2031. Micron’s 2027 output is largely committed, while new facilities in Idaho, New York, Taiwan, Singapore and Japan will take years to reach meaningful production. Shares barely moved in premarket trading after the report despite rising more than 270% this year. Micron’s NAND revenue had previously reached a record $14.1 billion, while its second-quarter DRAM revenue share rose to 24%, narrowing SK hynix’s lead to one percentage point.