Micron Gross Margin Outpaces Nvidia Amid AI Memory Crunch
Yahoo Finance ·
The most coveted margin in the artificial intelligence hardware sector has shifted. Micron Technology posted a non-GAAP gross margin of 84.9% for its fiscal third quarter. Meanwhile, NVIDIA Corporation reported an adjusted gross margin of 75% for its July quarter, projecting a decline to between 71% and 72% in the January quarter due to surging memory expenses. Micron announced quarterly revenue of $41.46 billion alongside an adjusted free cash flow of $18.3 billion. Although Nvidia remains a massive profit engine with quarterly revenue doubling to $96.2 billion—including $89 billion from data centers—rising component costs demonstrate that even the dominant GPU maker must contend with memory inflation. Both firms saw growth in institutional hedge fund backing during the period.
AI 시장 분석
Micron surpassed Nvidia by recording a non-GAAP gross margin of 84.9% in Q3, compared to Nvidia's adjusted gross margin of 75%. This indicates that core memory shortages like HBM and surging costs are putting pressure on Nvidia's margins while granting pricing power to Micron. Investors should closely monitor bottlenecks in the memory supply chain and supply-demand trends for key components.
상승 영향
- Semiconductors — Micron is directly benefiting, recording a top-tier gross margin of 84.9% and quarterly revenue of $41.46 billion, driven by severe shortages of core memory such as HBM and strong pricing power.
하락 영향
- Semiconductors — Nvidia's adjusted gross margin is expected to decline to the 71-72% range due to surging memory costs, and the cost burden of AI hardware is directly impacting profitability.
DYAX 전담 분석
Micron maximized its margin by achieving quarterly revenue of $41.46 billion, driven by HBM4 mass production and robust demand. In contrast, Nvidia's margin for the January quarter is expected to drop to 71-72% due to surging memory costs, putting pressure on profitability defense.
Key watchpoints include the risk of Micron's 85% margin sharply normalizing when memory supply eases, as well as Nvidia's product complexity and whether memory inflation will persist.
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