Micron’s huge AI earnings run into a capex hangover

Micron just delivered the kind of earnings report that usually earns a victory lap, a confetti cannon, and a few chest-thumping price-target hikes before breakfast. The company posted FY26 Q2 revenue of $23.86 billion, non-GAAP earnings of $12.20 per share, and a 74.9% non-GAAP gross margin, then guided the current quarter to about $33.5 billion in revenue, around $19.15 a share in non-GAAP earnings, and an 81% gross margin. And... the stock still slid about 5% in extended trading, with the weakness carr ...