Micron, which makes memory chips for PCs and AI servers, posted a record fiscal 2026 with revenue of $133 billion and adjusted earnings of $75.52 per share, up from $8.29 a year earlier. Yet the stock closed on Oct. 28 about 13% below its earnings-day close, trading at a forward P/E of about 5.5 versus about 19 for the S&P 500. Micron has signed 26 long-term strategic customer agreements covering over 35% of expected revenue through 2030, backed by $32 billion in customer financial commitments. Adjusted free cash flow reached $62 billion for the full year, while capital spending of about $27 billion in fiscal 2026 and about $25 billion planned for the first half of fiscal 2027 will fund new supply. The article says DRAM prices and days of inventory are the two metrics to watch: if prices keep climbing and inventory days fall as management expects, the stock could keep surging next year; if inventory keeps rising while prices stall, that signals excess supply.
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Related tickers and likely impact
NVDA
▲ Likely positiveNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/30/2026 | 204.81 |
| Change that session | -4.14% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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