Micron Technology reported fiscal third-quarter revenue of $41.46 billion, more than four times the year-earlier figure and well above the $35.6 billion consensus. Net income reached $28.2 billion, or $25.11 per share, against expectations of $20.50. The company forecast current-quarter revenue of about $50 billion, far exceeding analyst estimates of $43.6 billion. Its shares jumped 15% in after-hours trading, and contracts on the Nasdaq 100 rose nearly 2%.

The results underscore the voracious demand for high-bandwidth memory and conventional DRAM and NAND chips, driven by the build-out of AI data centres. Micron’s gross margin hit 84.6%, and the company disclosed it has signed long-term supply agreements with 16 strategic customers, including prepayments and fixed pricing, worth roughly $22 billion. The company said supply constraints are likely to persist through at least 2027, putting a floor under chip prices.

In Asia, the reaction was swift and concentrated in the region’s memory-chip powerhouses. South Korea’s Kospi index surged 5.9% to a record, with SK Hynix leaping 11.6% after separately announcing plans for a US stock listing to raise $29 billion. Samsung Electronics gained 5.4%. Japan’s Nikkei 225 briefly climbed more than 3,000 points, closing up 4.5%, as Tokyo Electron and Advantest posted double-digit gains. The broader MSCI Asia Pacific Index rose more than 1%. The rally was amplified by a concurrent slide in oil prices—Brent crude fell below $73 a barrel on signs of swelling supply and progress in US-Iran talks—and a rally in Treasuries that pushed the 10-year yield down 11 basis points, easing pressure on growth stocks.

The next test for the AI-fuelled rally comes with the release of the US personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge. Economists expect the May reading to show an acceleration, which could recalibrate expectations for the central bank’s rate path after a week of volatile repricing.