Micron crushes earnings, calming markets and helping boost bitcoin back above $87,000

AI Summary4 min read

TL;DR

Micron Technologies reported blowout Q1 2026 earnings with revenue up 57% to $13.6 billion, driven by AI demand. This triggered a risk rebound with tech futures and bitcoin rising, reversing recent market gloom.

Key Takeaways

•Micron's Q1 2026 revenue surged 57% to $13.6 billion with net income nearly tripling, driven by AI infrastructure demand.
•The earnings surprise reversed market sentiment, boosting tech futures (QQQ up nearly 1%) and stabilizing bitcoin above $87,000.
•AI-driven demand was the standout theme, with Micron's cloud memory revenue doubling and management forecasting sold-out AI products through 2026.
•Bitcoin and tech stocks continue to show positive correlation, with both benefiting from the AI narrative and risk-on sentiment.
•Speculative crypto assets like Dogecoin and Shiba Inu continue to underperform despite whale accumulation, highlighting ongoing de-risking.

Micron's blowout earnings boosts tech stocks and bitcoin price. (Midjourney/Modified by CoinDesk)

What to know:

Micron Technologies posted a major upside surprise, reporting Q1 2026 revenue of $13.6 billion, up 57% year on year.
Micron earnings shock triggered a broader risk rebound, with QQQ up nearly 1% pre-market and bitcoin holding above $87,000.

Micron Technologies posted a major upside surprise, reporting Q1 2026 revenue of $13.6 billion, up 57% year on year.
Micron earnings shock triggered a broader risk rebound, with QQQ up nearly 1% pre-market and bitcoin holding above $87,000.

From "it's so over" to "we're so back" – market sentiment flips fast these days on social media.

Just days after AI bubble fears resurfaced, Micron (MU), a critical supplier of memory chips used in AI infrastructure and data centers, has posted blowout earnings, reversing the bearish sentiment.

This led to U.S. technology futures trading up in pre-market on Thursday, with the Invesco QQQ up nearly 1% pre-market after falling almost 2% on Wednesday. Bitcoin, too, has stabilized above $87,000 following its wild swings in both directions on Wednesday. BTC and tech stocks tend to move in lockstep, with the AI boom at the center of the positive correlation since late 2022.

According to the latest earnings report, Micron reported Q1 2026 revenue of $13.6 billion, a 57% year-over-year increase. Gross margins surged to 56%, compared with 38% a year earlier, while operating income jumped to $6.1 billion. Net income reached $5.24 billion, nearly triple last year’s level, with diluted EPS of $4.60, beating Wall Street's estimate of $3.96, according to FactSet data.

AI-driven demand was the standout theme. Micron’s cloud memory business unit saw revenue double year on year, while mobile and client revenue rose 63%, according to an earnings presentation. According to the conference call, the firm now forecasts Q2 2026 revenue of $18 to $19 billion, which is above the expectation of $17.8 billion, according to FactSet data. The management also said that it is effectively sold out of key AI memory products through 2026. Shares rose around 12% pre-market to about $250.

The strong results offered relief amid ongoing AI jitters at Oracle (ORCL), Broadcom (AVG) and CoreWeave (CRWV). AI and crypto-linked equities edged slightly higher pre-market, highlighting the growing crossover, which is being fueled by the AI narrative.

UPDATE (Dec. 18, 13:55 UTC): Updates to add company earnings, presentation and management discussion filings; analysts' estimates.

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