Micron reported fiscal Q3 2026 revenue of $41.46 billion, a 346% jump from a year earlier, with a non-GAAP gross margin of 84.9%, exceeding Nvidia’s 75% and Meta’s roughly 82%, flipping the traditional power dynamic in the semiconductor supply chain. Nvidia saw its component supply commitments surge from $119 billion to $279 billion in a single quarter while server prices are rising over 15% due to memory shortages. Micron has locked in $100 billion in multi-year contracts and currently satisfies only 50% to 67% of HBM customer demand, with supply constraints expected to persist beyond 2027.
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