How important is Micron?

That depends on the context for the question, but currently, the answer’s “very important” almost regardless.

The company’s part of the triumvirate which controls HBM supply at a time when HBM demand’s insatiable. Indeed, the AI narrative now turns on the three-company oligopoly of which Micron’s a part.

As the figure below reminds you, revenue growth at Micron’s nothing short of explosive.

The company grew the top line by nearly 350% last quarter, according to its June 24 report. Micron expects to duplicate that feat during the quarter ending in August.

For the better part of the post-ChatGPT launch era, the question for US equities was “Where would we be without Nvidia?” Now, in 2026, it’s “Where would we be without Micron?”

As a quick, but very useful, followup to the Q2 earnings preview I published earlier Monday, I wanted to highlight the table below, from Goldman.

That shows you the expected contribution to US index quarterly EPS growth in 2026 and to full-year profit growth for 2026 and 2027, from the top 10 names.

For the current quarter, Micron’s seen accounting for more than a fifth of total S&P 500 EPS growth. Its expected contribution to full-year profit growth this year and next is almost as high.

As Goldman’s Ben Snider noted, AI infrastructure stocks as a group should comprise around 60% of Q2 EPS growth, with Micron and Nvidia together accounting for more than 40% by themselves.

I’ll just leave that there.