Micron Technology exceeded expectations with its fiscal first-quarter results, reporting $4.78 adjusted earnings per share and $13.64 billion in revenue, sending shares up 5%. The company predicts $18.70 billion in revenue and $8.42 earnings per share for the current quarter. Micron CEO highlighted the surge in demand for high-performance memory due to AI infrastructure growth.

Micron’s net income hit $5.24 billion in the first quarter, a significant increase from $1.87 billion in the previous year. The company’s revenue surged 57% year-over-year. Micron’s stock has soared 168% in 2025 due to high demand for memory chips, particularly in AI applications. Micron is a key supplier of high-bandwidth memory for AI chips, including those used in AMD’s products.

Micron reported a doubling of cloud memory sales to $5.28 billion and a 4% increase in core data center sales to $2.38 billion. The company attributed the growth in both segments to higher pricing. Micron recently decided to halt direct sales to consumers to prioritize AI chip and data center supply. The semiconductor maker is focusing on meeting the increasing demand for memory chips driven by AI advancements.

Read more at CNBC: Micron forecasts surging revenue as memory demand for AI stays strong