Micron Earnings Report: A Perfect Score for America's Fortune Revenue hit $41.46 billion, while the market was only expecting around $34.6 billion—beating expectations by nearly $7 billion. Non-GAAP EPS came in at $25.11, compared to forecasts of just over $20. Gross margin climbed above 80%. The company mentioned signing several 'transformational' strategic customer deals. High-bandwidth memory (HBM) is no longer just a seasonal spot sale—it’s now locked into long-term contracts with AI clients, securing volume and pricing for the year ahead. Back to the two scenarios from this morning: Either supply remains tight, AI clients keep scrambling for inventory, and the stock rebounds immediately; or the tone softens, and there’s more room for a pullback. Tonight, Micron delivered the clean-cut version of the first scenario. Is there still real, tangible demand for AI? Micron answered with a quarter that beat expectations by nearly $7 billion: Yes, and it’s even tighter than what the numbers show.