Micron forecasts strong revenue on AI boom; higher spending plan knocks shares

Micron Technology forecast third-quarter revenue above Wall Street expectations after posting a sharp jump in the second quarter on booming demand for memory chips used in artificial intelligence systems, while tighter supply drove record earnings.

But its shares fell 5% in extended trading on Wednesday after Micron said it was boosting ‌its 2026 capital spending ⁠plan ⁠by $5 billion to keep up with the rising demand.