Micron crushes earnings, calming markets and helping boost bitcoin back above $87,000

From “it’s so over” to “we’re so back” – market sentiment flips fast these days on social media.

Just days after AI bubble fears resurfaced, Micron (MU), a critical supplier of memory chips used in AI infrastructure and data centers, has posted blowout earnings, reversing that gloom in a flash.

The result is U.S. technology futures are up in pre-market trading on Thursday, with the Invesco QQQ up nearly 1% pre market after falling almost 2% on Wednesday. Bitcoin, too, has stabilized above $87,000 following its wild swings in both directions on Wednesday. BTC and tech stocks tend to move in lockstep, with AI boom at the center of the positive correlation since late 2022.

According to the latest 10-Q filing via TradingView, Micron reported Q1 2026 revenue of $13.6 billion, up 57% year on year. Gross margins surged to 56%, compared with 38% a year earlier, while operating income jumped to $6.1 billion. Net income reached $5.24 billion, nearly triple last year’s level, with diluted EPS of $4.60.

AI driven demand was the standout theme. Micron’s cloud memory business unit saw revenue double year on year, while mobile and client revenue rose 63%. According to Bloomberg, management now forecasts Q2 2026 revenue of $18 to $19 billion, above expectations, noting it is effectively sold out of key AI memory products through 2026. Shares rose around 12% pre market to about $250.

The strong results offered relief amid ongoing AI jitters at Oracle (ORCL), Broadcom (AVG) and CoreWeave (CRWV). AI and crypto linked equities edged slightly higher pre market, highlighting the growing crossover which is being fueled by the AI narrative.