MU 3Q26 First Take: in a word, stellar. Revenue, profit, and next-quarter guide all beat across the board.

Revenue jumped 74% QoQ, roughly matching last quarter's pace. Volumes contributed only low-to-mid single digits, with growth driven mainly by pricing.

GPM surged to 85%, well ahead of the Street. With stable operating leverage, OPM topped 80%. $41.5bn of revenue converted into $33.3bn of profit.

More importantly, the company guided to around $50.0bn for next quarter. That is well above the $42.6bn consensus.

The guide implies ~20% QoQ growth, broadly in line with expectations. Given shipment timing, pricing for the new quarter was not fully locked when the guide was set, so management typically builds in a buffer. Post-guide, bullish expectations moved higher.

EPS guidance essentially matches the most bullish buyside view at around $30. The 86% GPM guide (vs. the Street's 83%) reinforces that in this unprecedented supercycle, price-led revenue gains are flowing through to profit. With OPM approaching ~75%, the Agentic AI boom shows compute and memory matter equally.$Micron Tech(MU.US)