Micron Technology’s fiscal fourth-quarter report became a fresh demand signal for the AI hardware complex, with record revenue of $54.23 billion, adjusted earnings of $33.42 per share, and current-quarter guidance of roughly $61.5 billion, all above expectations. Management warned that memory supply could remain constrained through fiscal 2027 and 2028, while customer financial commitments under strategic agreements climbed to $32 billion from $22 billion in June.
The report lifted Samsung Electronics and SK Hynix after an initially lower open, as the three memory suppliers sell into the same AI-driven shortage. Micron also said more than 75% of its fiscal 2027 shipment volume is already committed. CEO Sanjay Mehrotra said supply-demand conditions could tighten further, and NH Investment & Securities analyst Ryu Young-ho argued that AI demand is broadening beyond hyperscalers toward corporations and governments.
Nvidia, AMD and Intel rose in premarket trading, even as Micron shares slipped about 1%, reflecting a demanding setup after a roughly 280% gain in 2026. D.A. Davidson's Gil Luria called the results “a good indication for the whole data center build-out ecosystem.” Deutsche Bank’s Melissa Weathers noted “some incremental squishiness on the margin front,” with adjusted gross margin guided lower to around 86.25% for November.
The main macro headwind is the US 10-year Treasury yield, which moved above 5.3%, its highest since May 2002. Foreign investors sold a net 21.51 trillion won of KOSPI shares in September, with Samsung Electronics and SK Hynix accounting for 76.6% of that selling, underscoring the tension between strong earnings expectations and rising valuation hurdles.
