Micron could dethrone Nvidia and become the biggest driver of S&P 500 profit growth

Micron Technology’s earnings report, due Wednesday, is expected to deliver a 940% rise in earnings per share for the August quarter, according to FactSet analysts. The memory‑chip maker’s performance is seen as a key driver of AI demand and a market event in its own right.

With a 279% run higher this year and a $1.2 trillion market valuation, Micron’s results are closely watched as a gauge of AI build‑out. Analysts note the company sits at the intersection of AI spending and market leadership, positioning it to dethrone Nvidia as the leading contributor to S&P 500 profit growth.

Micron’s influence on the S&P 500 has been building, rising from ninth to sixth to third in earnings growth over the past year. FactSet projects the index to grow 29.1% in the third quarter, with Micron’s contribution accounting for 24% of that growth, marking the eighth straight quarter of double‑digit gains.

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