Micron Technology reported fiscal fourth-quarter 2026 results that exceeded analyst expectations across revenue, adjusted earnings per share and gross margin. The company projected revenue of $61.5 billion for the first quarter of fiscal 2027, with adjusted earnings per share estimated at $38.15, and indicated that gross margins would remain stable through the remainder of fiscal 2027. Capital expenditures for the first half of fiscal 2027 were expected to reach $25 billion, with increased spending planned for clean room facility expansion to support future production capacity.

Micron's chief financial officer stated that gross margins in the first quarter of fiscal 2027 would serve as a floor for the full fiscal year, with gradual improvements anticipated thereafter. The company noted that most of its fiscal 2027 supply had been secured at elevated pricing, which would help offset margin pressures observed in high-bandwidth memory products. Industry-wide supply-demand imbalances were expected to persist into calendar 2027 and 2028, with limited visibility into when equilibrium might return despite planned expansions of manufacturing capacity.

A significant portion of Micron's projected revenue through 2030 is covered by multi-year take-or-pay agreements, accounting for more than 35 percent of expected sales. The company also highlighted growing demand from emerging applications, particularly physical artificial intelligence systems. According to Micron's disclosures, humanoid robots may require over 200 gigabytes of DRAM and multiple terabytes of NAND storage per unit, with several customers currently testing next-generation products.

Market analysts have projected varying shipment volumes for humanoid robots, with estimates ranging from 250,000 to 1.2 million units annually by 2030 and potentially reaching 930 million units per year by 2050. If these projections materialize and Micron's estimates are accurate, the cumulative DRAM demand from robotic systems could reach approximately 240 million gigabytes by 2030, with demand expected to grow substantially in subsequent years.

Micron's positioning reflects a strategic shift toward anticipating demand from physical AI applications, which the company described as a potential "significant driver of memory and storage demand by the end of this decade." This outlook comes amid broader industry discussions about the long-term viability of AI-related technology investments, with some analysts suggesting that emerging applications like robotics may provide sustained growth channels beyond current AI infrastructure trends.