Micron Surges 16% on Record $41.46B Q3 Revenue; Memory Chip Stocks Rally Overnight

According to Stocktwits, Micron's stock jumped 16% overnight after posting record third-quarter earnings with revenue of $41.46 billion, beating analyst expectations of $35.3 billion. Earnings per share came in at $25.11 versus $20.28 expected, while gross margin expanded to 84.9% from 39% a year earlier.

Peer memory chip stocks rallied in sympathy, with Western Digital and SanDisk up over 12% each, Seagate up 10%, and the Roundhill Memory ETF (DRAM) up 10%. Broader chip sector gains included Intel up 5.4% and Advanced Micro Devices up 3.7%.