Buy Micron Technology (MU) Stock for AI Growth After Record Quarterly Sales?

Core Insights - Micron Technology reported strong fiscal Q3 results, driven by AI-related growth in semiconductor memory solutions [1] - The company achieved record quarterly sales of $9.3 billion, a 37% increase from the previous year's $6.81 billion [2] - Micron's high-bandwidth memory (HBM) sales reached $1.5 billion, marking nearly 50% sequential growth, significantly contributing to record DRAM revenue of $7.1 billion [3] - Q3 earnings per share (EPS) surged 208% to $1.91, exceeding expectations of $1.59 by 20% [4] - Micron's CEO indicated that the company is on track for record revenue for the fiscal year, with Q4 sales expected to be $10.7 billion [7] Financial Performance - Q3 sales reached a record $9.3 billion, exceeding estimates by 5.27% [2] - HBM sales contributed to a record DRAM revenue of $7.1 billion, driven by increased demand for AI workloads [3] - Q3 EPS increased to $1.91 from $0.62 a year ago, with a gross margin of 39% compared to 28% in the prior year [4] - Free cash flow peaked at $1.95 billion, marking a six-year high [4] Future Outlook - Micron expects Q4 sales to be $10.7 billion, above the Zacks Consensus estimate of $9.9 billion [7] - The forecast for Q4 EPS is $2.50, significantly higher than the expected $2.02 [7] - The company's stock has increased nearly 50% this year, indicating potential for further upside [8]