Josh Gilbert, Lead Analyst Middle East at etoro
Abu Dhabi, United Arab Emirates – September, 2026: Micron’s shares hit their all-time high following its last earnings report back in June, and they haven’t been back there since, even as expectations have kept rising. This week’s result is expected to show revenue of roughly US$51 billion, up from US$11 billion in the same quarter last year, with gross margins near 86%, up from 46%.
Josh Gilbert, Lead Analyst Middle East at etoro notes that SK Hynix showed how unforgiving the market has become last quarter, lifting operating profit by more than 550% yet investors weren’t fully convinced. The AI boom has taught us that even delivering numbers as eye-watering as that might still leave investors unhappy if they can pick a hole somewhere in your report. For memory makers, the market is more concerned with whether memory prices roll over, and if so, when.
Micron’s answer is to attempt to stop being cyclical altogether. It has signed 16 long-term supply agreements worth at least US$100 billion, some running to 2030, covering roughly a fifth of its DRAM volume and a third of its NAND, with Ford and General Motors among those locking in supply.
Capex will be in focus as Micron looks to ramp up capacity, with spending set to jump to somewhere between US$40 billion and US$50 billion next year from around US$27 billion this year. Micron isn’t building that much capacity on blind faith because AI is growing at an astonishing rate, with demand still outstripping supply. The worry investors have is that it lifted capex to bring more capacity online during the pandemic too, when demand for consumer electronics was soaring but the slowdown came pretty quickly after. By fiscal 2023, revenue had halved inside a year and gross margins went from 45% to negative 9%, meaning Micron was selling chips for less than they cost to make.
The big thing to listen for is whether CEO Sanjay Mehrotra talks specifically about agents rather than AI in general. Meta’s Muse hitting number one on the US App Store last week is the first sign of one going mainstream, and agents chew through far more memory than a chatbot answering a single question. That would be a meaningful tailwind for future guidance and a real catalyst for shares from here.
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