Micron's AI Boom Is a Utility Story Too. Here's the Power Angle Wall Street Isn't Pricing In.
Micron's AI boom is only part of the story. If you follow the power, you may find the next group of overlooked AI winners.
Overview
Micron Technology (NASDAQ: MU) has been on a tear recently, and its run in this artificial intelligence (AI) era is about more than just selling more memory. Micron's run is about solving one of the quiet bottlenecks in artificial intelligence (AI) infrastructure, which is power, and that is where I think the story bleeds directly into utility stocks in a way the market has not fully priced in yet.
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Micron's latest numbers show just how central it has become to AI. In the third quarter of its fiscal 2026, total revenue hit $41.5 billion, up 346% year over year and marking the fifth straight quarterly record. DRAM revenue alone was $31.3 billion, up 343% and now 76% of total sales, while data center revenue topped $25 billion on an annualized run rate north of $100 billion. Analysts have pushed estimates higher, largely on the back of AI-driven demand for high-bandwidth memory (HBM) and high-performance dynamic random-access memory (DRAM).
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Originally published at www.fool.com.