Micron predicts market value will surpass Tesla’s before 2028

Micron Technology just posted a quarter so absurdly profitable that it earned more net income in three months than Tesla managed across the last three years. The memory chipmaker reported fiscal Q3 2026 revenue of $41.46 billion, up 346% year-over-year from $9.3 billion, with net income landing at roughly $28.24 billion. Shares responded accordingly. Micron surged 18.4% on June 25, pushing its market capitalization to approximately $1.398 trillion and briefly overtaking both Meta Platforms and Tesla in the process. The AI memory boom rewrites the pecking order The driving force behind Micron’s transformation is straightforward: AI data centers need staggering amounts of high-bandwidth memory, and Micron makes some of the best chips for the job. The demand is so intense that customers have committed roughly $22 billion in advance orders to lock down future supply. CEO Sanjay Mehrotra pointed to persistent supply constraints across the memory industry, noting that meaningful new capacity likely won’t come online until 2028. Micron’s Q4 2026 guidance suggests the pace isn’t slowing down. The company is projecting approximately $50 billion in quarterly revenue, which would represent ye...