El renacimiento de los ingresos de IA: ¿Por qué Nvidia y Micron están liderando el próximo superciclo de semiconductores?

The semiconductor industry is undergoing a seismic transformation, driven by the explosive growth of artificial intelligence. At the heart of this shift are two titans: Nvidia and Micron Technology. Their Q3 2025 earnings reports underscore a structural renaissance in AI-driven demand, with both companies leveraging supply discipline and technological leadership to cement their dominance in a market poised for sustained growth.

Nvidia: The Unstoppable Engine of AI Acceleration

Nvidia's Q3 2025 results were nothing short of extraordinary. The company reported revenue of $57 billion, with Data Center sales alone hitting $51.2 billion-a 53% profit margin-highlighting its unrivaled position in AI accelerators according to a report. This performance reflects the accelerating adoption of generative AI and large-scale data center infrastructure, which require high-performance GPUs for training and inference.

Nvidia's success is not merely cyclical but structural. The KPMG 2025 Global Semiconductor Outlook notes that AI is the top application driving revenue growth, with 73% of industry leaders citing it as a priority. Nvidia's ecosystem

-spanning chips, software, and partnerships-has created a flywheel effect, enabling it to capture a disproportionate share of the AI semiconductor market. As AI models grow in complexity, demand for its cutting-edge GPUs, such as the H100 and upcoming Blackwell series, is expected to surge further.

Micron: Powering the Memory Layer of AI Infrastructure

While Nvidia dominates the compute layer, Micron is redefining the memory landscape. The company's Q1 FY 2026 revenue reached a record $13.6 billion, driven by AI data center demand and strong performance in Cloud Memory, Mobile, and Automotive segments. Micron's gross margin expanded to 47%, fueled by high-bandwidth memory demand and disciplined pricing strategies.

Micron's strategic alignment with AI infrastructure is particularly compelling. The company forecasts HBM's total addressable market to grow from $35 billion in 2025 to $100 billion by 2028, a trajectory mirrored in its financials. Its CEO emphasized that Micron is now securing multiyear contracts for HBM, signaling a shift from cyclical memory cycles to durable, AI-driven demand. This transition is critical: AI data centers require not just compute power but also advanced memory solutions to handle massive datasets, a niche where Micron's HBM and DRAM innovations are indispensable.

Structural Growth and Supply Discipline: The Twin Pillars of the AI Supercycle

The semiconductor industry's optimism is well-founded. The KPMG report highlights a 63-point Semiconductor Industry Confidence Index, with 93% of leaders anticipating revenue growth. Meanwhile, Deloitte projects the global semiconductor market to reach $697 billion in 2025, with a clear path toward $1 trillion by 2030. This growth is underpinned by two key factors: structural demand and supply discipline.

1. Structural Demand: AI's integration into enterprise workflows, cloud infrastructure, and edge computing is creating a permanent uplift in demand. For instance, TSMC's CoWoS 2.5D advanced packaging capacity is set to double by 2026, enabling more efficient AI chip designs.
2. Supply Discipline: Both Nvidia and Micron are managing supply constraints strategically. Micron is expanding clean room space and manufacturing capacity in the U.S. and Asia to meet AI memory demand, while Nvidia's ecosystem partnerships ensure tight control over chip production and distribution. This discipline is critical in avoiding the oversupply risks that plagued the industry in previous cycles.

The Investment Case: Capitalizing on a Dual-Engine Supercycle

For investors, the case for Nvidia and Micron is clear. Nvidia's dominance in AI accelerators and its ecosystem-driven moat position it as the primary beneficiary of the AI compute boom. Micron, meanwhile, is transforming from a cyclical memory player into a foundational enabler of AI infrastructure, with HBM demand acting as a tailwind for decades.

The Deloitte report underscores the sector's innovation-driven nature, with 4.1 million global patents and a 1.21% annual growth in patenting activity. Both companies are at the forefront of this innovation, investing heavily in R&D (Nvidia spends 52% of EBIT on R&D according to the report) and advanced manufacturing.

However, risks remain. Geopolitical tensions and supply chain vulnerabilities could disrupt production, while talent shortages may slow R&D progress. Yet, the structural shift toward AI is too profound to ignore. As Micron's CFO noted, the company is experiencing a "Nvidia moment"-a surge in demand and pricing power that could redefine its trajectory.

Conclusion

The AI earnings renaissance is not a fleeting trend but a structural inflection point for semiconductors. Nvidia and Micron are leading this supercycle by aligning their strategies with the irreversible rise of AI. For investors, the key is to recognize that this is not just about short-term earnings but about capturing the long-term value of a sector reshaped by artificial intelligence.