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Micron Technology’s $150 Billion AI Memory Backlog — Is Wall Street Missing the Bigger Story?

Micron Technology reported record fiscal 2026 revenue of $133.2 billion, up 256% year-over-year, gross margins of 81.1%, and EPS of $75.52, an 811% increase. Fourth-quarter revenue reached $54.2 billion, rising 379% year-over-year and 31% sequentially, marking six consecutive quarters of record revenue. CMBU generated $16.3 billion, CDBU $18 billion, MCBU $13.1 billion, and AEBU $6.8 billion, with all units delivering sequential revenue and margin improvements through higher pricing and bit shipments. AI-driven data center demand supported DRAM and NAND growth, with annual DRAM revenue exceeding $100 billion and Q4 NAND revenue surpassing $14 billion. Sequential DRAM pricing increased by a high-teens percentage and NAND pricing approximately 30%, lifting quarterly gross margins to 87%. Micron highlighted leadership in 1-gamma DRAM and G9 NAND, next-generation node ramps targeted for late 2027, and manufacturing investments across the U.S., Japan, Taiwan, and Singapore.