Micron beats earnings, surges 16% on AI demand

Micron (MU) reported Q3 revenue of $41.5 billion versus $35.7 billion estimates and EPS of $25.11 versus $20.49 expectations. Shares surged 16% in premarket trading. CEO Sanjay Mehrotra stated there is no line of sight to AI memory supply catching up with demand, with shortages expected beyond 2027.