[Edaily Reporter JAEMIN SONG ] U.S.-based Micron, often referred to as the “barometer of the memory market,” has recorded another “earnings surprise” by breaking its all-time revenue record. In particular, by disclosing the status of ultra-long-term five-year contracts—which completely transform the existing contract structure of the memory industry—the company has dispelled concerns about an artificial intelligence (AI) bubble raised by some observers.
On the 25th, Micron announced that for the third quarter of fiscal year 2026 (March–May), it posted revenue of $41.456 billion and operating income of $33.318 billion. Both revenue and operating income exceeded market expectations. The operating margin reached a staggering 81.2%.
Notably, Micron signed 16 Strategic Long-Term Agreements (SCAs) with major customers. Unlike existing annual Long-Term Agreements (LTAs), SCAs lock in volume and pricing for five years in advance. While the memory industry has traditionally been viewed as a cyclical sector subject to market fluctuations, this conventional wisdom has been shattered by the explosive growth in AI demand. Furthermore, the memory market is characterized by an oligopoly among three major players, enabling stable profits. An industry insider stated, “For the foreseeable future, memory companies will hold the key to price negotiations as they adjust supply volumes to maximize profits over the long term.”
Consequently, expectations are growing that SamsungElectronics and SK hynix will also post earnings that exceed market expectations. According to financial information provider FnGuide Inc., the consensus estimate for SamsungElectronics’ operating profit in the second quarter of this year is 86조8414억원, while that for SK hynix is 63조998억원. The combined operating profit forecast for the two companies amounts to approximately 150조원. Some observers even predict that the figure could far exceed this, approaching 200조원.
