Micron Posts Blowout Earnings, Soars 16% and Undercuts Crypto Bull Case

Micron Technology rallied after delivering blockbuster earnings and upbeat guidance, lifting sentiment across AI memory stocks and related sectors.

The computer memory chipmaker posted strong Q3 results on Wednesday, triggering gains across AI-linked equities and even briefly supporting crypto markets.

Bitcoin (BTC) climbed back above $60,000 after the market close, but analysts noted that improving AI-driven sentiment may ultimately divert liquidity away from crypto assets.

Micron shares jumped 16% in premarket trading Thursday after its third-quarter outlook significantly exceeded Wall Street expectations. The company reported revenue of $41.5 billion versus estimates of $35.7 billion, while earnings per share came in at $25.11 compared to forecasts of $20.49.

Memory chips are increasingly central to AI infrastructure, especially high-bandwidth memory (HBM), which is critical for training and operating large AI models. CEO Sanjay Mehrotra said there is “no line of sight” to when supply will catch up with demand, suggesting the shortage could extend beyond 2027.

Micron also issued strong fourth-quarter guidance, projecting revenue of about $50 billion, well above analyst expectations of $43.2 billion.

The AI boom has continued to weigh on crypto sentiment this year, with bitcoin now more than 50% below its October peak and hovering near the $60,000 level.

The company also pointed to robotics as a major long-term driver of memory demand, comparing humanoid robots to advanced driver-assistance systems in terms of complexity, and highlighting that robots could require up to 10 times more memory, potentially fueling a multi-decade demand cycle.

Following Micron’s results, SanDisk (SNDK) and SK Hynix each surged roughly 13%. SK Hynix, a key leader in the HBM market, is also reportedly considering a U.S. listing that could value the company at around $30 billion.

AI-linked crypto mining stocks also advanced, with IREN (IREN) and Cipher Mining (CIFR) both gaining about 3% in premarket trading.