Not Nvidia, Not AMD. Micron Could Be September's Biggest AI Winner or Loser.

The latest earnings season has been a solid one for artificial intelligence (AI) semiconductor companies, as healthy demand for data center infrastructure has driven impressive growth among chipmakers and chip designers.

This explains why the latest quarterly reports of Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD) exceeded expectations. However, the market's attention will now turn to Micron Technology (NASDAQ: MU), which will release its fiscal 2026 fourth-quarter results on Sept. 30. While there is still some time to go before Micron releases its quarterly report, I think that this semiconductor stock could be the biggest mover among AI companies in September.

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Nvidia and AMD's results clearly indicate that the AI trade is alive

The past couple of months have been turbulent for Micron stock investors. It has dropped 11% since releasing its fiscal Q3 results on June 24. However, recent results from AMD, Nvidia, and other semiconductor companies clearly indicate that AI infrastructure demand remains robust.

Nvidia reported a 106% year-over-year increase in revenue for the second quarter of fiscal 2027. What's more, the semiconductor bellwether notes that its revenue growth could land at a healthy 70% in fiscal 2028, well above the consensus estimate of 44%. However, Nvidia's growth could be stronger than that, as the company notes its forecast accounts for supply chain constraints.

AMD, on the other hand, posted a year-over-year jump of 50% in Q2 revenue. It projects a 41% increase in revenue for the current quarter. Importantly, AMD management believes that its long-term revenue could "grow substantially above our prior target of greater than 35%, and we expect to significantly exceed our $20 annual EPS target within our strategic timeframe."

AMD management also added that demand for high-performance computing could grow at an annual rate of 40% over the long term, presenting a $2 trillion revenue opportunity for chipmakers in 2030.

These sunny forecasts from AMD and Nvidia bode well for Micron. After all, Micron sells a critical component that helps the AI chips designed by Nvidia and AMD to perform tasks seamlessly. The dynamic random access memory (DRAM) chips that Micron manufactures help transport massive amounts of data rapidly to AI accelerators while maintaining low power consumption.