Micron’s blowout Q4 2025 on AI memory demand; HBM nearly $2B in Q4, FYQ1 guide tops estimates (Sep 23, 2025). Micron posted $11.3B revenue and $3.03 EPS (non-GAAP), guided FYQ1 revenue to $12.5B with ~51.5% adj. gross margin, and said HBM capacity for 2026 is selling out; AI data-center memory now ~40% of sales.

Winners -

U.S. memory makers (pricing power and AI mix shift)

Reason: Micron’s beat and guidance signal tight DRAM supply, improving NAND pricing, and multi-year HBM upcycle; peers leveraged to the same pricing tailwinds.

$MU (Micron Technology) — direct beneficiary of AI-driven DRAM/HBM demand and better pricing.

$WDC (Western Digital) — U.S. NAND supplier geared to enterprise SSD growth alongside AI server builds.

AI accelerators and platforms (HBM availability underpins GPU sh ...