Micron (MU) Is Earning More Than Apple or Microsoft, but Can It Last?

Eagle Capital Management, an investment management firm, reported in its second quarter 2026 investor letter that Micron Technology, Inc. (NASDAQ:MU) has achieved earnings surpassing that of Apple or Microsoft. The firm acknowledges Micron's dominance as the sole U.S. producer of DRAM memory, yet cautions that high memory prices may challenge consumer electronics markets and force Al model companies and chipmakers to reconsider their technology.

Micron's manufacturing PP&E footprint totals approximately $60 billion, whereas its market capitalization stands at $1.2 trillion. The company anticipates generating sufficient revenue in the upcoming year to replicate its entire footprint multiple times. Despite Micron's cyclical nature in the DRAM market, which has limited competition to a trio of players, the firm remains confident in its long-term potential.

Currently, Micron ranks 17th among the 40 Most Popular Stocks Among Hedge Funds Heading Into 2026, with 154 hedge fund portfolios holding the stock at the end of the first quarter, up from 137 in the prior quarter. While Eagle Capital Management recognizes Micron's potential, it believes other AI stocks present greater upside potential and lower downside risk.