Micron investors brace for revenue shifts amid Nvidia product ramp

Micron Technology is having the kind of year most companies only dream about. Revenue up 346% year-over-year, gross margins around 85%, and every last chip it can produce already spoken for. But even a company printing money at this pace isn’t immune to the gravitational pull of its biggest customer’s product schedule, and Nvidia’s Vera Rubin platform ramp is creating a timing wrinkle that has some analysts penciling revenue into fiscal 2027 instead of the current year. A revenue machine running at full tilt Micron’s fiscal Q3 2026, ending in May, painted a picture of a company riding the AI infrastructure wave with near-perfect form. Revenue hit $41.46 billion for the quarter, and the company guided Q4 to approximately $50 billion as demand continues to surge. Data center revenue alone exceeded $25 billion in Q3, putting Micron on an annualized run rate north of $100 billion from that segment. The star of the show is HBM4, Micron’s latest generation of high-bandwidth memory designed specifically for AI accelerators like Nvidia’s upcoming Vera Rubin platform. The company has already generated more than $1 billion in HBM4 revenue, and it’s ramping production at twice the speed of it...