Micron Technology Inc. (NASDAQ:MU) reported its strongest quarterly results in history for the fiscal third quarter of 2026, with revenue reaching $41.46 billion, significantly exceeding the Wall Street consensus of $35.69 billion. The company also posted earnings per share of $25.11, a 22.6% surprise compared to the $20.49 estimate. This impressive performance sent Micron's shares up approximately 12.6% in after-hours trading to around $1,180.97, recovering from a regular-session close of $1,047.20.
The positive impact extended across the semiconductor sector. SanDisk Corporation (NASDAQ:SNDK) saw a 10.2% jump to around $2,110, Western Digital Corporation (NASDAQ:WDC) climbed 10.2% to $709.15, and Qualcomm Incorporated (NASDAQ:QCOM) surged approximately 12.7% to $222.44. Advanced Micro Devices Inc (NASDAQ:AMD) and Intel Corporation (NASDAQ:INTC) both gained about 3.4%, reaching approximately $537.51 and $136.12, respectively. Even Nvidia, the largest sector player by market capitalization at nearly $4.8 trillion, saw a modest increase of about 0.5% to $200.08. The iShares Semiconductor ETF (SOXX) also rose approximately 4.1% after hours to around $625.94.
This record quarter arrived after a period of volatility for chip stocks, which had retreated from record highs due to concerns about AI spending. Micron itself had plunged 13.2% in the session prior, with SanDisk falling 12.4% and Western Digital losing 8.4%. Wednesday's regular session saw Micron close down another 0.44% before the earnings announcement. The company's revenue nearly quadrupled year-over-year, driven by a memory supply crunch and high demand from AI data-center buildouts. Gross margins also soared to over 81%, up from 69% in the prior quarter and 27% a year earlier. Micron's 52-week stock range spans $103.38 to $1,213.56, having surged roughly 700% over the past year prior to Wednesday's session, with SanDisk experiencing an even more extreme run of approximately 3,952% from its 52-week low.
