Watch for Micron's FQ4/2026 Earnings to Gauge the Memory Supercycle

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Technology markets are watching Micron Technology's fiscal fourth-quarter 2026 earnings announcement on September 30, 2026, after the U.S. stock market closes. Micron is one of the world's largest memory manufacturers, covering DRAM, NAND and NOR, and plays a key role in data centers and AI computing systems. The point markets are watching most closely is HBM, or High Bandwidth Memory, the high-speed memory used alongside AI accelerators. Micron has said that HBM4 has already begun shipping in high volumes to a major customer's platforms, while HBM4E is under development and is expected to enter mass production in 2027. For its most recent results, Micron reported fiscal third-quarter 2026 revenue of 41.46 billion dollars, before guiding for fourth-quarter revenue of about 50 billion dollars, plus or minus 1 billion dollars, with gross margin of roughly 86% and non-GAAP earnings per share of 31 dollars, plus or minus 1 dollar. That reflects a sharp recovery from the trough of the memory cycle, with revenue growth accelerating from negative 39.6% year on year in fiscal fourth quarter 2023 to positive 345.7% year on year in fiscal third quarter 2026, driven by memory demand for AI and data centers. This makes the current report a key point for assessing how much momentum the Memory Supercycle still has. Beyond the revenue and profit figures, what needs watching is guidance for the next period, the direction of DRAM and HBM prices, and the outlook for demand from AI data centers, because these will be important indicators of whether the memory industry's upcycle still has momentum. Another interesting issue is that AI growth is turning memory from a highly commoditized component into a more strategic one, with Micron and other memory makers increasingly signing long-term contracts with AI customers to lock in supply and meet rising demand, while many new capacity projects will still take years to come fully on stream. From an investment standpoint, if Micron's results and guidance come in better than expected, there is a chance of a positive catalyst for the semiconductor equipment group as well, since expanding DRAM and HBM capacity requires more investment in machinery. LRCX01 is linked through Lam Research, a maker of etch and deposition equipment, AMAT01 through Applied Materials, which makes equipment for DRAM, HBM and advanced packaging, while KLAC01 is linked through KLA, a specialist in chip inspection and process control systems. The equipment group's picture is also supported by investment in AI semiconductors running at high levels, reflecting that the money is not concentrated only in the chips themselves but is spreading to more related equipment and manufacturing processes. So Micron's report on September 30 is one of the key events of the week, because besides measuring momentum for MICRON01, it may also signal the direction of the Memory Supercycle and semiconductor equipment themes going forward, especially if AI demand remains strong and the company's guidance continues to reflect tight supply conditions. For investors who want to ride this theme, they can invest through DR01 from Bualuang Securities, which trades in baht, with MICRON01 providing direct access to the memory theme, while LRCX01, AMAT01 and KLAC01 open the opportunity to invest further into the semiconductor equipment group, covering more of the AI semiconductor supply chain.

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Semiconductors▲ · 4 stocks
Micron Technology Inc
MU
▲ PositiveDemandrelevance

Micron's HBM4 shipping in high volumes and AI/data-center memory demand drive accelerating revenue growth ahead of FQ4 earnings.

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