Micron Technology recorded a net profit of $37.7 billion in the fourth fiscal quarter ending September 30, surpassing Apple's net profit of $29.8 billion for the same period for the first time. Market strategist Charlie Bilello pointed out that Micron's net profit surged 42-fold to $38 billion within two years, $8 billion more than Apple's earnings last quarter, reflecting its pricing power amid memory shortages. Apple management stated that memory costs were the primary reason for continuous pressure on its gross margin, with former CEO Tim Cook once describing the rise in memory prices as a "once-in-a-century flood."