Micron’s $100 Billion Backlog Could Reset How the Market Values Memory

Micron delivered record earnings with $41.46B in Q3 revenue and 84.9% gross margin, surpassing Nvidia's margins. The company secured $100B in multi-year customer contracts, transforming it from cyclical chipmaker to predictable revenue generator. Q4 guidance of ~$50B revenue and $30-32 EPS significantly exceeded expectations, driving the stock up 15.95% and prompting Wall Street to raise price targets toward $2,000+.