Micron's last quarter revenue was $54.23B, more than TSMC's $46.72B

Micron's gross margin was 86.8%, 20 points above TSMC, and I checked four upstream companies' quarterly reports since late September to see where AI spending is landing, using only figures the companies disclosed themselves.

2026-10-25 · 2 min read

$MU's quarter ended September 3 brought in $54.23B in revenue. A year earlier, the same quarter was $11.32B, close to 4.8 times smaller. GAAP gross margin was 86.8%. Net income was $37.70B, a net margin close to 70%. Next quarter's guidance is $61.5B, plus or minus $1.5B. Gross margin guidance is 85.95%.

$TSM's third-quarter revenue was $46.72B, up 41.2% year over year. Gross margin was 66.4%, down from 67.7% the quarter before. Revenue rose, but gross margin fell a little. 2nm made up 8% of wafer revenue, up from only 3% the quarter before. Fourth-quarter guidance is $52.3B to $54.3B.

$ASML's third-quarter revenue was €11.7B, with a gross margin of 57.5%. Net income was €5.0B. It sold 113 new machines. The CEO said that under the current plan, supply in 2027 and 2028 cannot meet customer demand. Some customers already want to place orders for 2029 and 2030.
What does not add up: the report gives no order amounts. It only says order momentum rose each quarter. For now, we can only take the company's word on how big demand really is.

$GEV signed 20 GW of gas equipment contracts in the second quarter. Of that, 18 GW were capacity reservation agreements. Only 2 GW were firm orders. Gas turbine backlog plus reservations totals 116 GW. The company said it expects at least 125 GW by year end.
The reservations have not yet become firm orders. The third-quarter report on October 28 will show how much of the 18 GW has converted.

October 28: GE Vernova third-quarter report. Watch whether reservations turn into orders.
October 29: SK hynix third-quarter report. FnGuide's consensus expects operating profit of about 77 trillion won and an operating margin of about 78%. Check whether HBM is as tight as it is at Micron.
Cloud providers also report their third quarters in the coming days. In July, Alphabet raised its capex guidance for this year from a range of $180B to $190B to a range of $195B to $205B. This time, watch whether it raises the range again. In the end, revenue at these upstream companies is the cloud providers' capex.

My conclusion: memory is where the money is most concentrated right now. Power has the thinnest evidence. For memory, watch whether gross margin can stay near 86% next quarter. For power, watch whether reservations can turn into real orders.

All numbers come from company quarterly reports, 8-K and 6-K filings. No stock calls here. Whether to buy is your decision.