Memory chipmaker Micron's revenue beats estimates on demand surge from AI boom
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March 18 : Chipmaker Micron Technology forecast third-quarter revenue above Wall Street expectations on Wednesday, betting on a surge in demand for its memory chips used in artificial intelligence hardware.
Customers are committing to long-term data center investments as technology companies race toward artificial general intelligence. The resulting growth in AI data center capacity is fueling a sharp rise in demand for advanced memory and storage.
Micron, whose shares have gained more than 61 per cent so far this year, is one of the only three major suppliers of high bandwidth memory (HBM) chips essential to AI technology, along with South Korea's Samsung and SK Hynix.
The chipmaker raised its fiscal 2026 capital expenditure forecast to $25 billion, from its prior view of $20 billion.
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Micron said it expects capital expenditure to rise further in fiscal 2027, with construction-related spending set to climb by more than $10 billion from a year ago as the chipmaker expands manufacturing facilities worldwide.
The company forecast third-quarter revenue of $33.5 billion, plus or minus $750 million, compared with analysts' average estimate of $24.29 billion, according to data compiled by LSEG.
It reported revenue of $23.86 billion for the second quarter ended February 26, beating expectations of $20.07 billion. Micron's board also approved a 30 per cent increase to its quarterly dividend.
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