Micron Slips 4%: NVIDIA’s HBM Supplier Just Posted Record Results, So Why Is It Falling?

1 day ago 4

David Moadel

Thu, March 19, 2026 astatine 12:10 PM CDT 5 min read

Micron (MU) posted grounds fiscal Q2 2026 gross of $13.64B (up 56.6% YoY), crushing estimates with non-GAAP EPS of $4.78 beating by 21%, portion its Cloud Memory Business Unit gross astir doubled to $5.28B.
The institution besides reported 66% gross margins, driven by HBM chips for NVIDIA (NVDA)’s AI GPUs.
MU banal fell 4% contempt exceptional results due to the fact that the marketplace had priced successful cleanable show earlier net and is present applying a supply-chain hazard premium tied to geopolitical tensions successful the Middle East.
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Micron Technology (NASDAQ:MU) is down 4% successful Thursday trading, with shares sliding to $445 from a anterior adjacent of $461.73. That's a head-scratcher connected the surface, due to the fact that past nighttime Micron posted what CEO Sanjay Mehrotra called grounds results crossed the board.

Here's the paradox: the numbers were genuinely exceptional, the guidance was adjacent better, and the banal is inactive selling off. This is Wall Street doing what Wall Street does, but there's much going connected beneath the aboveground than a elemental "sell the news" reflex.

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Micron's fiscal Q2 2026 earnings, released Wednesday evening, were a blowout by immoderate measure. Revenue came successful astatine $13.64 billion, up 56.6% twelvemonth implicit year, crushing the $12.88 cardinal statement estimate. Non-GAAP EPS of $4.78 bushed the $3.94 estimation by implicit 21%. GAAP gross margins expanded to 56.0%, up from 38.4% a twelvemonth ago.

The Cloud Memory Business Unit was the standout, with gross astir doubling to $5.28 cardinal and gross margins hitting 66%. That's the HBM business, the high-bandwidth representation chips that powerfulness NVIDIA (NASDAQ:NVDA)'s AI GPUs. Furthermore, Micron's operating income surged 182% twelvemonth implicit twelvemonth to $6.14 billion, and escaped currency travel came successful astatine $3.91 billion.

Micron's CEO Sanjay Mehrotra didn't mince words connected the call. "In fiscal Q1, Micron delivered grounds gross and important borderline enlargement astatine the institution level and besides successful each of our concern units," helium stated.

Micron followed that with guidance that was arsenic aggressive: Q2 FY2026 gross guided to $18.7 billion, with non-GAAP EPS of $8.42 and GAAP gross margins expected astatine 67%.

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