AI Leaders NVIDIA and Micron Ride Out Treasury Yield Storm

NVIDIA and Micron Technology have delivered impressive earnings reports amidst market volatility caused by rising Treasury yields. Both companies play critical roles in the AI stack, with NVIDIA selling accelerators and networking fabric, while Micron supplies HBM and DRAM necessary for these accelerators to function.

NVIDIA's Q1 FY27 revenue reached $82 billion, a 85% year-over-year increase, driven by strong data center sales. CEO Jensen Huang attributed this growth to the company's fastest product ramp in its history, with Microsoft's Fairwater site already utilizing hundreds of thousands of Blackwell GPUs.

Micron's fiscal Q3 revenue reached $41.5 billion, a 346% year-over-year increase, with gross margins at a record 84.9%. CEO Sanjay Mehrotra noted that DRAM and NAND industry demand continues to outpace supply, and expects this trend to persist beyond calendar 2027.

NVIDIA is betting on its Blackwell and Rubin platforms to drive future growth, targeting $1 trillion in revenue from 2025 through calendar 2027. Micron, on the other hand, has secured 16 Strategic Customer Agreements that guarantee a minimum of $100 billion in contracted revenue with price floors well above its peak quarterly margins.