Micron Technology will announce its second-quarter earnings on Wednesday, with analysts expecting record results. Growing investment in artificial intelligence is changing the competitive landscape for memory chip makers worldwide.

Wall Street expects adjusted earnings per share of $9.19, which would be a new quarterly record and a sharp jump from $1.56 a year ago. Revenue is projected to hit $19.8 billion, up 146% from last year and marking Micron’s fastest growth this century.

These results could signal a major shift for an industry known for its ups and downs. For over ten years, Micron and its main rivals, Samsung Electronics and SK Hynix, have worked in a market shaped by consumer electronics demand. When demand rose, revenue grew, but it often fell again as new factories opened and consumer interest faded.

Now, that cycle seems to be changing. The rapid growth of AI data centers has led to steady, strong demand for high-bandwidth memory and advanced storage, which sell at higher prices and are difficult to make. Manufacturers are running at full capacity, causing supply shortages that affect the entire memory market and put pressure on consumer goods companies that need the same parts.

Profit margins have also seen a big jump. Micron’s gross profit margin this quarter is expected to be about 69%, close to Nvidia’s 75%, which is often seen as the benchmark for semiconductor profits.

Importantly, no significant new memory supply is expected before mid-2027. This means the current shortage, and the higher prices that come with it, could last into the next year. For now, Micron and its competitors may not have to worry about oversupply.