Micron Q2 revenue hits $24B as HBM4 4-to-1 shift boosts outlook

Micron Technology said its Q2 results significantly beat expectations, posting $24B in revenue, a 74.4% gross margin, $12.20 in EPS, and $12B in operating cash flow that covered all long-term debt. The company guided for Q3 revenue of $33.5B–$37B and gross margin above 81%. The article attributes the surge to an AI-driven 4:1 substitution effect as HBM4 displaces traditional DRAM, highlighting Micron’s structural position in the AI hardware supply chain. It also notes a scenario in which FY27 EPS could reach $82.67.