Micron's 16% Surge Gives AI Memory a Glow Up — and Crypto the Side Eye 👀

Micron Technology (MU) jumped 16% in premarket trading on Thursday after reporting third-quarter revenue of $41.5 billion, well above Wall Street estimates of $35.7 billion, and issuing fourth-quarter revenue guidance of approximately $50 billion versus expectations of $43.2 billion. Earnings per share reached $25.11, compared with consensus estimates of $20.49. The report lifted shares of fellow memory chipmakers SanDisk (SNDK) and SK Hynix, which each rose about 13%, and pushed AI-linked crypto miners IREN (IREN) and Cipher Digital (CIFR) up roughly 3%.

The rally reflected surging demand for high-bandwidth memory (HBM), a key component in training and operating large AI models. CEO Sanjay Mehrotra told analysts there is "no line of sight" to AI memory supply catching up with demand, with shortages expected to continue beyond 2027. SK Hynix, which leads the HBM market, is reportedly exploring a U.S. listing that could value the company at around $30 billion.

The earnings beat added momentum to a broader rotation into AI-related equities that has pressured digital assets. Bitcoin ($BTC) traded at $61,608.51, up 1.20%, recovering above the $60,000 level, but remains more than 50% below its October all-time high.

The shift in capital flows underscores how memory chips have become a focal point of the AI infrastructure buildout, drawing investor attention and liquidity that has historically rotated through crypto-linked names. With Micron's guidance pointing to sustained tightness in HBM supply through 2027 and beyond, AI-exposed equities are positioned to remain a competing draw for risk capital against digital assets in the near term.