Micron Technology (NASDAQ: MU) shares jumped about 15% intra-day on Thursday after the memory chipmaker projected a sharp acceleration in revenue and earnings, alongside record-high margins for the current quarter, as rising memory prices and AI-related demand fueled a standout first-quarter performance.

The company reported non-GAAP earnings of $4.78 per share for the quarter ended November 27, comfortably exceeding the average analyst estimate of $3.94. Revenue climbed to $13.64 billion from $8.71 billion a year earlier, beating consensus expectations of $12.83 billion.

Micron benefited from a strong rebound in conventional DRAM pricing as well as growing demand for high-performance memory used in generative artificial intelligence workloads.

For the second quarter of fiscal 2026, Micron forecast revenue of $18.7 billion, plus or minus $400 million, well above Wall Street's consensus estimate of $14.23 billion. The company projected earnings per share of $8.42 at the midpoint, nearly double the consensus forecast of $4.49.

Gross margins were expected to reach an all-time high of 68%, representing an 11.2 percentage point increase from the prior quarter. Supply-chain checks across the memory industry indicated double-digit sequential price increases for DRAM, Micron's primary profit driver, in both the current and upcoming quarters, as customers grew increasingly concerned about supply availability extending into 2026.