Micron’s Blowout Quarter Fuels 16% Jump, Blunts Momentum in Crypto Markets

Micron Technology rallied sharply after delivering blockbuster earnings and strong forward guidance, lifting sentiment across AI memory stocks and broader tech markets.

The chipmaker’s strong Q3 results on Wednesday fueled gains in AI-linked equities and briefly supported crypto markets as well.

Bitcoin (BTC) reclaimed the $60,000 level after the close, though analysts warned that growing AI-driven momentum could eventually siphon liquidity away from crypto assets.

Micron shares surged 16% in Thursday premarket trading after its outlook significantly outpaced Wall Street expectations. Revenue reached $41.5 billion versus estimates of $35.7 billion, while earnings per share came in at $25.11 compared with forecasts of $20.49.

Memory chips are now a core pillar of AI infrastructure, particularly high-bandwidth memory (HBM), which is essential for training and running large-scale models. CEO Sanjay Mehrotra said there is “no line of sight” to when supply will catch up with demand, suggesting shortages could persist well beyond 2027.

The company also issued upbeat fourth-quarter guidance, projecting revenue of roughly $50 billion, well ahead of consensus estimates of $43.2 billion.

The ongoing AI boom has continued to weigh on crypto sentiment this year, with bitcoin now more than 50% below its October peak and trading near the $60,000 level.

Micron further highlighted robotics as a major long-term demand driver, comparing humanoid robots to advanced driver-assistance systems and noting they could require up to 10 times more memory, potentially supporting a multi-decade growth cycle.

Following Micron’s results, SanDisk (SNDK) and SK Hynix both rose around 13%. SK Hynix, a leading high-bandwidth memory producer, is also reportedly considering a U.S. listing that could value it at about $30 billion.

AI-linked crypto mining stocks also gained, with IREN (IREN) and Cipher Mining (CIFR) each up roughly 3% in premarket trading.