Nvidia Vs Micron: Among The Best-Positioned AI Plays as Treasury Yields Spook The Market

NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) and Micron Technology (NASDAQ: MU) just delivered blowout earnings into a market rattled by the 4.65% 10-year Treasury yield, sitting in the 92.8th percentile of the past year. Both sit at different layers of the AI stack: NVIDIA sells the accelerators and networking fabric, Micron supplies the HBM and DRAM those accelerators cannot function without.

Blackwell Ramp Meets an HBM4 Cash Machine

NVIDIA’s Q1 FY27 revenue hit $82 billion, up 85% year-over-year, with Data Center at $75 billion and networking nearly tripling. Jensen Huang called the buildout “the fastest product ramp in our company’s history,” pointing to Microsoft’s Fairwater site running “hundreds of thousands of Blackwell GPUs.” Guidance for Q2: $91 billion in revenue at a 75% non-GAAP gross margin.

Micron’s fiscal Q3 tells a different but connected story. Revenue reached $41.5 billion, up 346% year-over-year, with gross margin at a record 84.9%. CEO Sanjay Mehrotra said “DRAM and NAND industry demand continues to significantly exceed industry supply” and expects tightness beyond calendar 2027. HBM4 revenue already crossed $1 billion, ramping twice as fast as HBM3E.

Full-Stack…