Micron revenue quadruples amid AI-driven memory chip shortage
8 reported
A shortage of memory chips, driven by demand from AI models, is benefiting some companies, including U.S. chip maker Micron. The company reported third-quarter earnings after markets closed Wednesday, with revenue quadrupling to $41.45 billion compared to the same period a year ago. Profit rose from $1.88 billion to $28.2 billion year-over-year. Shares closed at $1,048.51, up from around $83 in early 2024. Micron also gave a positive fourth-quarter revenue forecast of between $49 billion and $51 billion. The same week, Micron inked a deal to supply AI lab Anthropic with memory and storage chips and participated in Anthropic’s Series H funding round, though the investment amount was not disclosed. Apple CEO Tim Cook warned a week ago that price increases for its products are unavoidable due to rising memory chip prices. Some predict the shortage could persist through 2027.
What’s reported
Micron’s third-quarter revenue quadrupled to $41.45 billion year-over-year.
Profit rose from $1.88 billion to $28.2 billion year-over-year.
Shares closed at $1,048.51, up from about $83 in early 2024.
Micron forecast fourth-quarter revenue of $49 billion to $51 billion.
Micron inked a deal to supply AI lab Anthropic with memory and storage chips.
Micron participated in Anthropic’s Series H funding round, amount undisclosed.
Apple CEO Tim Cook warned of unavoidable price increases for Apple products.
Some predict the memory chip shortage could persist through 2027.
Key figures
Tim Cook, Apple CEO
Micron, largest U.S. computer-memory chip maker
Anthropic, AI lab
Sources: TechCrunch
