Micron Technology forecast stronger-than-expected third-quarter revenue, driven by surging demand for memory chips used in artificial intelligence systems.
The company also reported robust second-quarter results, supported by tight supply conditions that boosted pricing and margins across advanced memory products.
However, shares fell about 5% after Micron announced a $5 billion increase in its 2026 capital expenditure plan, bringing total spending to over $25 billion. The company expects investment to rise further in 2027 as it expands manufacturing capacity.
The increased spending reflects efforts to meet long-term demand from AI data center growth, with customers committing to large-scale infrastructure investments.
Micron remains one of the few global suppliers of high-bandwidth memory, positioning it at the center of the AI hardware boom despite investor concerns over rising costs.
