The memory chip crunch is paying off for this U.S. company

Micron Technology reported record third-quarter earnings, with revenue quadrupling to $41.45 billion and profit surging to $28.2 billion, driven by AI-fueled demand for memory chips. The company's shares rose over 13% after the announcement, and it also inked a deal to supply AI lab Anthropic with chips while participating in Anthropic's Series H funding round.

The AI boom has fueled dozens of new startups and minted a new class of billionaires. It has also produced a serious shortage of memory chips — a critical component for compute-hungry AI models — which some predict could persist through 2027 https://www.idc.com/resource-center/blog/global-memory-shortage-crisis-market-analysis-and-the-potential-impact-on-the-smartphone-and-pc-markets-in-2026/ . This era of RAMageddon https://techcrunch.com/2026/04/30/as-tim-cook-steps-down-apple-hit-record-sales-but-a-chip-shortage-looms/ isn’t just a corporate problem. As demand spikes and squeezes supply, prices are rising and trickling down to consumers. Apple CEO Tim Cook warned just a week ago that price increases https://techcrunch.com/2026/06/17/ai-is-hurting-apple-in-more-ways-than-one-it-may-force-iphone-price-increases/ for its products are unavoidable. But amid this Mad Max-esque fight for memory chips, some companies are coming out ahead. Micron, the largest U.S. computer-memory chip maker — with a market cap of $1.2 trillion — is one of them. That hasn’t always been the case. The company’s shares were trading around $83 in early 2024 with a market cap of about $91 billion and closed today at $1,048.51. The company reported third-quarter earnings https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-record-results-third-quarter after markets closed Wednesday, and the results sent shares soaring more than 13%. Revenue quadrupled to $41.45 billion compared with the same period a year ago. The company’s profit, meanwhile, rose from $1.88 billion to an incredible $28.2 billion year-over-year. The Idaho-based company also gave investors a positive outlook, forecasting fourth-quarter revenue of between $49 billion and $51 billion. The strong results arrive the same week Micron inked a deal https://investors.micron.com/news-releases/news-release-details/micron-and-anthropic-announce-strategic-agreement-scale-next to supply AI lab Anthropic with memory and storage chips. Micron also disclosed that it participated in Anthropic’s Series H funding round, though it didn’t disclose how much it invested.