Micron Technology: The memory link is running at full throttle
On September 30, Micron Technology presented its results for the 4th fiscal quarter. Revenue stood at USD 54.23 billion. In the prior-year quarter, it was just USD 11.32 billion. For the full 2026 financial year, revenue totalled USD 133.19 billion, compared with USD 37.38 billion the year before. GAAP net income for the quarter was USD 37.70 billion, compared with USD 3.20 billion a year ago. The gross margin reached 86.8% in the quarter, up from 44.7% in the prior-year quarter. The figures have soared.
The outlook is also strong. For the 1st quarter of the 2027 financial year, the group is projecting revenue of USD 61.5 billion, with a range of plus or minus USD 1.5 billion. The Core Data Centre Business Unit contributed USD 18.00 billion in the 4th quarter, compared with USD 1.58 billion in the prior-year quarter. According to management, 26 strategic customer agreements have been signed so far, which are expected to cover more than 35% of revenue through 2030. The 1st quarter is also expected to mark the low point for the gross margin in the current financial year.
In the 2026 financial year, Micron started volume production of 12-layer HBM4, and according to management, most HBM bit shipments for the 2027 calendar year are already covered by contracts. If the expansion succeeds, the group could benefit. However, on October 7, the union in Taiwan’s Taoyuan authorised a strike with 99% of votes cast and announced a one-day walkout for October 22. It is demanding that 15% of operating profit be distributed to employees on a permanent basis. A prolonged walkout would negatively affect the important Taiwan site. On October 29, Micron will pay a dividend of USD 0.15 per share.
NU E Power: Offtake discussions for projects in southern Alberta
On October 19, NU E Power began formal discussions with prospective offtakers for power from its southern Alberta portfolio. The portfolio includes the Hanna and Lethbridge sites with 503.5 MWac gross, equivalent to 251.75 MWac net, and includes solar and battery storage facilities. The Alberta Utilities Commission (AUC) has formally approved Lethbridge Two and Lethbridge Three, while Hanna is in the early pre-development stage. In January 2026, NUE signed a non-binding letter of intent (LOI) with Green Harbor Partners for the planned acquisition and development of the projects. NUE names data centres, high-performance computing operators and industrial customers as potential offtakers. No offtake agreements are in place yet.
On October 7, CEO Broderick Gunning presented the priorities under the new management team. Accordingly, the offtake agreement is the milestone shareholders are watching most closely. The Alberta portfolio totals 512.25 MWac gross and 253.94 MWac net. Of this, Lethbridge One, with 8.75 MWac gross and 2.19 MWac net, has operated since December 2024, and NUE holds a 25% stake. According to Gunning, further projects are expected to become ready for construction in 2027 and 2028. The company sees itself as a power generation developer and not as a data centre developer. John Windsor has served as Chief Operating Officer (COO) since late August.
After the end of the second quarter on June 30, NUE raised fresh capital. The private placement was completed in two tranches on July 8 and August 12 and exceeded the announced amount, with net proceeds intended, among other things, to further develop the project portfolio. On August 7, the company announced a non-binding LOI to acquire 29.44 acres of land in Saskatchewan’s Regina region. The property is currently neither zoned for industrial use nor developed. On October 14, former federal minister Hon. Tony Clement was appointed to the Board of Directors. Peter Espig was appointed to the Board on September 1.
Super Micro Computer: Racks as the third link in the chain
On October 20, Super Micro Computer significantly raised its first-quarter expectations. The California-based company provisionally expects revenue of USD 18.5 to 19.5 billion, compared with its previous forecast of USD 14.5 to 15.5 billion. The company cites higher demand for artificial intelligence platforms as the main reason. The gross margin is expected to reach 12.0 to 12.5%, up from the previous target of 10.4 to 10.8%. These figures are unaudited ranges, with the final results to follow on November 3. Business is booming.
On September 23, Super Micro Computer began shipping NVIDIA Vera Rubin NVL72 racks. A rack combines 72 NVIDIA Rubin GPUs and 36 NVIDIA Vera CPUs, along with 20.7 terabytes of HBM4 memory. Cooling is provided by the DLC-2 liquid cooling system and distribution units with a capacity of 1.8 MW each. A Scalable Unit, as a reference configuration, comprises 16 compute racks with 1,152 GPUs. For projects ranging from 5 MW to the gigawatt scale, the company offers ready-made construction blueprints, plus planning, installation and support. Rubin will put the California-based company’s delivery capabilities to the test.
On October 13, Super Micro Computer expanded its range of racks, cooling, power supply and networking technology at the OCP Global Summit. Racks with NVIDIA HGX B300 accommodate up to 144 graphics processors. The group has also strengthened its leadership. On October 15, Mark Long took over as CFO, having previously held the same role at Western Digital. On October 8, Shesha Krishnapura was appointed to the board as an independent director, having previously served as Intel’s IT Chief Technology Officer. The key question remains whether the broader offering will also be reflected in the gross margin.
Conclusion
Data centres can be built only if every link in the supply chain plays its part. Micron generated USD 54.23 billion in revenue in the 4th quarter and is targeting USD 61.5 billion for the next quarter; the strike in Taiwan remains a risk. NU E Power is holding talks with potential offtakers for 503.5 MWac gross in southern Alberta, with no contracts in place yet. Super Micro Computer revises its 1st-quarter forecast up to USD 18.5 to 19.5 billion, with a gross margin of 12.0 to 12.5%. The supply chain holds up only if all areas deliver.
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