Micron Technology’s (Micron Technology) stock price closed at $1,087.99 on June 16. Micron’s HBM production capacity has been sold out through 2026, and NVIDIA has certified Micron as an HBM4 memory supplier for its Vera Rubin AI platform. Micron will release its third fiscal quarter (Q3 FY2026) results after the close on June 24.
June 24 Q3 FY2026 Earnings Report: Analyst Consensus Expectations
Micron will report Q3 FY2026 results after the close on June 24. Analysts generally expect EPS of about $19.82, revenue of roughly $34.8 billion, and a gross margin close to 81%. Previously, Micron’s Q2 FY2026 revenue grew 196% year over year, with gross margin at 74.9%.
For FY2026 full-year EPS, analysts’ consensus is close to $58. Based on that, the forward P/E is about 18x. The current P/E (based on trailing twelve-month earnings) is about 46x. Micron’s quarterly dividend is $0.15 per share, making the dividend yield negligible. Overall returns depend heavily on the durability of the AI growth story.
HBM Production Capacity Sold Out Through 2026: NVIDIA Vera Rubin Certification
Micron’s HBM production capacity has been sold out through 2026 via long-term contracts with customers. NVIDIA has officially certified Micron, Samsung, and SK hynix as HBM4 memory suppliers for the Vera Rubin AI platform, securing Micron’s position on the highest-end AI memory roadmap.
Micron’s HBM4 mass production uses higher yields and faster ramp rates than the previous-generation HBM3E, alongside higher pricing, further boosting profit margins. Analysts estimate that the total addressable market for HBM is expected to reach $100 billion by 2028, with a compound annual growth rate of about 40% (this is a market analyst forecast, not confirmed figures).
Valuation Data: Current P/E at 46x, Forward P/E at About 18x
The core bullish argument is that the 46x P/E is calculated based on the past 12 months’ earnings. As HBM production ramps up, FY2026 EPS is widely expected to approach $58, implying a forward P/E of about 18x. For a company whose capacity is already sold out and whose earnings are growing rapidly, the valuation is seen as more supported.
The bearish view is that the forward expectations assume the AI supercycle never ends. If AI capital expenditures or memory prices fluctuate, earnings and the P/E could contract in tandem. On June 5, Micron fell more than 7% in a single day, and over the next five trading days it slid to around $919 (down more than 16%). The trigger was Broadcom failing to raise its outlook for AI business prospects, prompting a broader selloff across the semiconductor sector.
Frequently Asked Questions
Micron’s HBM production capacity is sold out until when, and what does that mean?
Confirmed by reports, Micron’s HBM production capacity has been sold out through 2026 via long-term contracts, meaning customers have locked in future HBM supply in advance and eliminates demand uncertainty under the traditional commodity-style approach. NVIDIA has also officially certified Micron as one of the HBM4 suppliers for its Vera Rubin AI platform.
What analyst consensus expectations have been confirmed in the June 24 earnings report?
Analysts generally expect: EPS of about $19.82, revenue of roughly $34.8 billion, and a gross margin close to 81%. For FY2026 full-year EPS, the consensus is close to $58; based on this, the forward P/E is about 18x. The current (TTM) P/E is about 46x.
What caused the plunge on June 5, and how did it rebound afterward?
When Broadcom released its earnings, it failed to raise its outlook for the AI business, sparking market concerns about slowing AI capital expenditures. The Philadelphia Semiconductor Index fell accordingly. Micron dropped more than 7% on the day, and over the next five trading days it accumulated losses to around $919 (down more than 16%). On June 11, Oracle’s earnings report and raised analyst price targets drove the Philadelphia Semiconductor Index to surge by nearly 7.9%, the largest single-day gain in the industry for more than a year. On Monday, the Iran-U.S. peace agreement further boosted the market, and Micron rebounded from $919 to about $1,063.
