Micron’s earnings came with a bigger victory lap

Micron didn’t exactly whisper

Micron’s second-quarter fiscal 2026 recap came with a very un-Micron-like swagger. The company said Q3 revenue should land around $33.5 billion, plus or minus $750 million, with 81% gross margin and $19.15 in non-GAAP EPS. That’s not “survive the cycle” language — that’s “we’re still in the good part of the movie.”

Cash in one hand, capex in the other

The board also approved a 30% dividend hike to $0.15 per share. Translation: management is confident enough to share a little more of the loot with shareholders instead of stuffing every dollar under the mattress.

At the same time, Micron lifted fiscal 2026 capex above $25 billion to expand capacity. That’s the classic semiconductor tradeoff: more cash going out the door today, but also more chips, more output, and more muscle for the next demand wave.

Why you should care

For investors, this is the kind of update that can keep the stock on the “AI memory boom” shortlist. Strong guide, richer dividend, bigger spending plan — it all points to a company that thinks demand is real, not just hype wearing a blazer.

Big picture: Micron is acting less like a cyclical memory maker and more like a company trying to build a long runway. And when a chip company starts sounding that confident, Wall Street usually sits up a little straighter.