Micron Surges 127.9% While Nvidia Falls 10.38% After AI Earnings

2 articles · Updated · 24/7 Wall St. · Jun 25

Micron shares have jumped 127.9% since earnings to $1,051.77, while Nvidia has slid 10.38% to $200.04 despite both posting blockbuster AI infrastructure quarters.
Micron’s March quarter showed revenue up 196.29% to $23.86 billion and non-GAAP EPS of $12.20, driven by HBM and cloud memory revenue of $7.75 billion at a 66% operating margin.
Nvidia’s May quarter delivered $81.615 billion in revenue, up 85.23%, with Data Center at $75.246 billion and networking growth of 199%, but guidance still assumes zero H20 data-center shipments to China.
That contrast has sharpened the market’s view of Micron as a capacity-and-pricing play and Nvidia as a pricier platform bet, with Micron on 11 times forward earnings versus Nvidia near 32.
Both stories still hinge on AI spending holding up later this year, because any pullback in hyperscaler capex would pressure memory demand and GPU platform growth at the same time.

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Overview

Micron Technology is experiencing strong momentum, with prediction markets showing over 95% confidence in its ability to beat quarterly earnings. This optimism is supported by Micron’s consistent record of outperforming EPS estimates in nine of the last ten quarters, and its most recent earnings beat was the largest in recent history. The surge in demand for AI memory has driven record Q3 2026 revenue. However, despite these achievements, Micron’s stock initially dipped after announcing increased capital expenditure, reflecting investor concerns about immediate cash flow even as the company invests to meet growing AI-driven demand.

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