Micron profit hits $28B — and the AI chip shortage is just getting started
micron's q3 profit soared to $28.2b on quadrupled revenue driven by an ai memory shortage, signaling high hardware costs for the industry.
micron technology's q3 earnings exploded, with revenue quadrupling to $41.45b and profit soaring to $28.2b year-over-year due to soaring demand for ai memory chips. the idaho-based company bolstered its ai position by securing a chip supply agreement with anthropic and investing in its series h round. despite these gains, the broader market faces 'ramageddon', as executives like tim cook warn of unavoidable consumer price hikes. micron forecasts continued growth with q4 revenue projected near $50b, indicating that the supply crunch for high-performance memory will persist.