Micron Technology reported $54.23 billion in revenue for its fiscal fourth quarter, a 379% jump from a year earlier, and told investors the next quarter will be bigger still. The memory chipmaker guided fiscal first-quarter 2027 revenue to $61.5 billion, well above the $57.02 billion Wall Street had modeled.
The quarter ended Sept. 3. Analysts had expected roughly $51.1 billion, meaning Micron cleared the consensus by more than $3 billion.
Data center memory does the heavy lifting
The numbers are hard to read as anything other than an AI infrastructure story. Core Data Center revenue came in at $18 billion, up from $1.58 billion a year earlier. Cloud Memory brought in $16.28 billion. Those two lines alone account for the bulk of the quarter's growth.
Adjusted earnings hit $33.42 per share against forecasts of $31.61. Net income under standard accounting rules was $37.70 billion, compared with $3.20 billion a year ago. Adjusted gross margin reached 87.0%, up from about 46% a year earlier and just ahead of the 86.1% estimate.
Customers are prepaying for supply
One detail stands out in the filing: customers deposited $12.75 billion under long-term supply contracts during fiscal 2026, most of it in the final quarter. That's cash on the books before product ships, and it's the clearest signal yet that buyers are willing to lock in memory capacity rather than risk spot-market pricing.
CEO Sanjay Mehrotra tied the outlook to those arrangements, which the company calls Strategic Customer Agreements. He said they provide added confidence in the durability of Micron's financial performance. It's the kind of language investors have heard from memory makers before, but the prepayment totals give it more weight than a typical earnings-call talking point.
The margin guide is the one soft spot
Not everything beat. Micron guided gross margin to about 86.25% for the current quarter, slightly below the 86.4% estimate. Revenue guidance of $61.5 billion carries a plus-or-minus $1.5 billion range.
The stock closed at $1,065.08 and traded near $1,068.90 after hours, up 0.36%. A modest move for a company that just posted triple-digit growth, which suggests a lot of the good news was already priced in.
Burry's put options and a jittery chip tape
Michael Burry disclosed put options on Micron, a position that profits if the shares fall. His bet lands against a backdrop of nerves across the semiconductor sector. Chip stocks slid earlier this month on fears of an AI slowdown crash. Analysts still handed out new Micron price targets last week as Taiwan chip exports hit a record, a split that captures how contested the AI trade has become.
Micron management discusses the results and outlook on its earnings call at 4:30 p.m. EDT on Wednesday. The gross margin guide is the line to watch. If the company holds near 86%, the prepaid supply contracts look like a floor. If it slips, the bears get a data point.
