Micron’s fiscal Q3 2026 adjusted gross margin market reflects trader focus on the company’s March 18 guidance of approximately 81% alongside robust AI-driven demand. Q2 results showed non-GAAP gross margin expanding to 74.9% on higher pricing, favorable product mix, and tight supply in advanced DRAM and HBM, with revenue nearly tripling year-over-year. Consensus estimates and recent analyst commentary point to further sequential improvement from these factors through the May quarter, supporting elevated probabilities for outcomes above 82.5%. Earnings scheduled for June 24 will provide the resolution data, with any variance from the 81% midpoint likely tied to realized ASP trends and mix shifts in the final weeks.