Micron's quarter is the clearest proof yet that AI profits flow to hardware

Micron just posted $54.23 billion in quarterly revenue against $11.32 billion a year ago, a 379% jump that turned into $37.70 billion of GAAP net income, up from $3.2 billion, according to the company's earnings release. Gross margins hit 87%, a record for a memory maker, because AI data centres are eating high-bandwidth memory faster than Micron, Samsung or SK Hynix can build it. Adjusted earnings of $33.42 a share beat every analyst estimate on the board. Chipmakers get the headlines, but this quarter shows the fattest margins in the AI buildout are landing with the people who make the memory the GPUs sit next to. The risk is the one memory always carries: tight supply invites a capacity race, and capacity races end in gluts.