The memory chip crunch is paying off for this U.S. company
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Micron, the largest U.S. memory chip maker, reported record Q3 earnings with revenue quadrupling to $41.45 billion and profit surging from $1.88 billion to $28.2 billion year-over-year. The results were driven by surging AI demand for memory chips amid a global shortage predicted to last through 2027. Micron also announced a strategic deal to supply Anthropic with memory and storage chips and participated in Anthropic's Series H funding round. The company forecasts Q4 revenue of $49–$51 billion.
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