Micron, SK Hynix, and Samsung have reached trillion-dollar market caps amid strong memory demand and high margins. Micron reported fiscal Q1 2026 revenue of $13.64 billion, up 57% year over year, with Cloud Memory revenue of $5.28 billion and gross margin of 66%. Q2 guidance calls for $18.70 billion revenue with a 68% non-GAAP gross margin. The build cycle is driven by China’s need for domestic memory capacity, with limited ability to flood Western markets. ACM Research supplies tools for cleaning, electroplating, furnace processing, and advanced packaging to Chinese memory makers, and its stock rose sharply after being highlighted, supported by rising revenue and shipments.
"Memory, Micron, SK Hynix, Samsung, they're all over a trillion dollars right now because they're getting 80% margins. There are companies that could go back down to 60% and these companies still win in a big way."
"China can't build enough memory for itself, let alone to flood the Western market."
"Micron's fiscal Q1 2026 report set records across the board. Revenue of $13.64 billion, up 57% year over year. The Cloud Memory unit nearly doubled to $5.28 billion with a 66% gross margin and 55% operating margin. Q2 guidance is $18.70 billion with a 68% non-GAAP gross margin."
"ACM supplies cleaning, electroplating, furnace, and advanced packaging tools to YMTC and CXMT, the two Chinese memory makers building domestic capacity. Bleeker called the company "a great company that's really rock solid and is positioned in an ideal place.""
#ai-semiconductors #memory-industry #semiconductor-equipment #market-cap-growth #china-memory-capacity
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