Micron's results and its own outlook point to a memory market that AI has changed for good — very good news for the company and its investors, and a cost problem for everyone buying memory chips.

• Micron's sales and profits have exploded, with margins jumping from under 40% to about 85% in a year.
• Management says AI has "structurally" changed memory demand — not a temporary spike, but a lasting shift.
• Supply is not expected to catch up with demand any time soon, which hands Micron pricing power.
• Sixteen long-term customer deals lock in fixed prices or price ranges, making revenue far more predictable.
• Micron is pouring money into new capacity, with U.S. investment plans now above $250 billion through 2035 — and rivals are expanding too.

Outlook: Tight supply should keep memory prices and Micron's profits high for the next few years, though the heavy building by Micron and its competitors is the main risk to that story.