Micron expected to outperform Nvidia in AI growth through 2027

When most people think about AI hardware, Nvidia is the name that comes to mind. But in the quieter corners of the semiconductor supply chain, Micron Technology has been putting up growth numbers that make Nvidia’s triple-digit gains look almost pedestrian. In its fiscal third quarter of 2026, Micron posted revenues of approximately $41.5 billion, a 346% increase year over year. For context, Nvidia’s fiscal Q2 2027 revenue came in at roughly $96.2 billion, representing 106% year-over-year growth. Nvidia still earns more in absolute terms, but the rate at which Micron is accelerating has caught Wall Street’s full attention. The HBM factor Micron’s explosive growth traces back to one product category: high-bandwidth memory, or HBM. These are the specialized memory chips that sit directly on top of, or adjacent to, AI accelerators in data center servers. Without them, Nvidia’s GPUs can’t move data fast enough to train and run the large language models that companies are spending billions to deploy. That supply-demand imbalance has pushed Micron’s gross margins to roughly 84.6%, a figure that would make most semiconductor companies blush. Its adjusted earnings per share hit $25.11 in t...