Micron Technology delivered an exceptionally strong performance in the third fiscal quarter of 2025, confirming that the memory cycle has finally turned to growth. The company achieved an all-time quarterly revenue high of $9.3 billion, driven by record revenue from the DRAM segment and a sharp increase in revenue from HBM memory, which plays a key role in the era of artificial intelligence. The data centre business also strengthened significantly, with sales more than doubling year-on-year. Strong revenue performance went hand in hand with strong profitability, with net income multiplying sixfold year-on-year and the company generating nearly $2 billion in free cash flow.

The results confirm that Micron is not just a passive beneficiary of the virtuous cycle, but is actively benefiting from its technological superiority, effective cost management and increasing diversification of its customer base. Investments in advanced manufacturing technologies and capabilities, backed by…