Computer memory chipmaker Micron Technology (MU) delivered a stunning Q3 earnings beat on Wednesday, with revenue and earnings per share far exceeding Wall Street estimates. Shares jumped 16% in premarket trading Thursday, lifting the entire AI memory sector, AI-related stocks and even giving crypto a slight boost—Bitcoin briefly climbed back above $60,000 to trade at $64,168. However, analyst consensus suggests the sustained AI boom will ultimately pull more liquidity away from the crypto market.
HBM Supply Shortage Has 'No Line of Sight' Through 2027
Micron reported Q3 revenue of $41.5 billion versus expectations of $35.7 billion, and earnings per share of $25.11 compared with the $20.49 forecast. The company also issued a strong Q4 guidance of approximately $50 billion in revenue, well ahead of the $43.2 billion consensus. CEO Sanjay Mehrotra told analysts there was "no line of sight" to when supply of high-bandwidth memory (HBM) would catch up with demand, with shortages expected to persist well beyond 2027.
Humanoid Robots Next Long-Term Demand Driver
During the earnings call, Micron highlighted robotics as a major secular growth driver for memory demand. The company compared humanoid robots to L2+ autonomous vehicles to illustrate the step-change in memory requirements, noting that humanoid robots are expected to require 10 times more memory than current applications and could fuel a sustained, multi-decade demand cycle starting in the latter part of this decade.
AI Diverts Capital, Bitcoin Halved From Peak
The AI boom has weighed heavily on crypto markets this year. Bitcoin is now more than 50% below its October all-time high, trading around the $60,000 level. While the Micron earnings report gave a short-term lift, the broader narrative remains that AI assets are siphoning capital that might otherwise flow into crypto.
Chip Stocks and AI Miners Move Higher
Memory peers also rallied: SanDisk (SNDK) and SK Hynix each jumped roughly 13% in premarket. SK Hynix, the HBM market leader, is reportedly exploring a US listing that could value the company at around $30 billion. AI-linked crypto miners also gained, with IREN (IREN) and Cipher Digital (CIFR) both rising around 3% in premarket trading.