Jim Cramer Still Loves Micron. Here Is the 1 Number That Shows Why He Is Right.

84.6%. That is Micron's GAAP gross borderline successful fiscal Q3 2026, up from 37.7% successful the aforesaid 4th a twelvemonth ago. The fig was reported erstwhile Micron Technology (NASDAQ:MU) filed its Q3 FY26 results connected June 24, 2026. Memory spot companies are expected to unrecorded and dice by cycles. A gross borderline adjacent 85% is what bundle businesses print. That is the reveal.

What It Means

Gross borderline is the cleanest work connected pricing powerfulness a shaper tin offer, and Micron's conscionable went vertical. The sequential progression tells the full story: 44.7% successful Q4 FY25, 56.0% successful Q1 FY26, 74.4% successful Q2 FY26, and 84.6% successful Q3 FY26. That is simply a institution that has repriced its publication of concern astir AI representation scarcity, good beyond a mean upcycle.

The gross basal carrying those margins is real. Q3 FY26 gross landed astatine $41.46 billion, beating the $35.25 cardinal statement by 17.60% and rising 345.7% twelvemonth implicit twelvemonth from $9.30 billion. Non-GAAP diluted EPS came successful astatine $25.11, up of the $20.28 consensus. Operating income of $33.32 cardinal grew 1,436.1% twelvemonth implicit year, astir 4 times faster than revenue. That is the fingerprint of operating leverage that lone shows up erstwhile fixed costs get overwhelmed by pricing.

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Where is it coming from? Cloud Memory gross deed $13.77 billion, Core Data Center $11.52 billion, Mobile and Client $11.52 billion, and Automotive and Embedded $4.63 billion. HBM4, Micron's high-bandwidth representation merchandise for AI accelerators, is successful high-volume shipments to a pb customer, with HBM4E targeting measurement accumulation successful calendar 2027. Free currency travel reached $18.30 cardinal successful the 4th alone, up 995.4% twelvemonth implicit year.

Market Reaction

MU closed the astir caller trading league astatine $970.82 connected July 21, 2026, up 12.17% connected the time from $865.46. Year to date, the banal is up 240.36%, from $285.23 connected December 31, 2025. Over the past year, shares are up 758.78% from $113.05. The one-month representation is much muted, with the banal down 14.38% from $1,133.82 connected June 18, 2026, a motion that the rally has taken immoderate vigor disconnected precocious adjacent arsenic the fundamentals support accelerating.