Micron Technology delivered record fiscal 2026 results, with revenue surging 256% year-over-year to $133.19 billion and non-GAAP net income reaching $84.97 billion, fueled by AI-driven demand for high-bandwidth memory and DRAM at gross margins near 87%. Q4 revenue hit $54.23 billion with strong backlog visibility under long-term customer agreements, and management guided Q1 fiscal 2027 revenue at $61.5 billion. The stock, which peaked above $1,200 earlier in 2026, fell sharply to close at $656.39 on November 5 amid broader tech selling and concerns over pricing sustainability, trading at roughly 5 times forward earnings despite robust free cash flow. Key near-term catalysts include Nvidia’s earnings on November 17 and Micron’s next update on December 16, which could clarify momentum into year-end.