Micron Technology (MU) Soars 10% on Stellar Earnings, Record 2026 Outlook

We recently published 10 Firms Stealing the Show on Wall Street. Micron Technology, Inc. (NASDAQ:MU) is one of the best performers on Thursday.

Micron Technology snapped a five-day losing streak on Thursday, jumping 10.12 percent to close at $248.55 apiece as investors took heart from its stellar earnings performance in the third quarter of the year, with profits more than doubling during the period, alongside a robust outlook in the current quarter.

In an updated report, Micron Technology, Inc. (NASDAQ:MU) said that net income jumped by 180 percent to $5.24 billion from $1.87 billion in the same period last year, while revenues rose by 56 percent to $13.6 billion from $8.7 billion year-on-year.

“Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units,” Micron Technology, Inc. (NASDAQ:MU) Chairman, President, and CEO Sanjay Mehrotra said, adding that it projects the second quarter of the year to hit new records.

For the current quarter, revenues are targeted at $18.7 billion, plus or minus $400 million, while diluted earnings per share are pegged at $8.19, plus or minus $0.20.

“Our Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron’s technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers’ growing need for memory and storage,” he added.

While we acknowledge the potential of MU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.