Jim Cramer Says Micron’s Growth May Be Becoming Less Cyclical

Micron Technology delivered record fiscal 2026 results and issued guidance for its next quarter as demand for memory used in artificial intelligence infrastructure continued to support the business.

Revenue for the fiscal fourth quarter ended Sept. 3, 2026, rose to $54.23 billion from $11.32 billion a year earlier. Non-GAAP diluted earnings per share increased to $33.42 from $3.03, while non-GAAP gross margin expanded to 87% from 45.7%.

For the full fiscal year, Micron reported revenue of $133.19 billion, up from $37.38 billion in fiscal 2025. Capital expenditures totaled $10.77 billion in the fourth quarter and $27.37 billion for the full year.

Micron forecast fiscal first-quarter 2027 revenue of $61.5 billion, plus or minus $1.5 billion. The company projected non-GAAP diluted earnings per share of $38.15, plus or minus $1.

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” Micron Chairman and CEO Sanjay Mehrotra said.

The results have renewed attention on whether Micron’s growth is becoming less tied to the traditional memory cycle. Jim Cramer said the company’s expansion appears unusually non-cyclical compared with the industry’s historical pattern.

Micron makes DRAM, NAND and high-bandwidth memory used in artificial intelligence and data-center systems. Memory companies have historically faced sharp swings when rapid capacity expansion creates oversupply, making Micron’s current margins and outlook significant for the sector.

Micron’s fiscal results and guidance reflect continued expansion in demand for memory and storage semiconductors tied to artificial intelligence infrastructure. The company’s next financial update will provide the next concrete measure of whether that momentum is continuing into fiscal 2027.