diff --git a/megatron/core/fusions/fused_bias_swiglu.py b/megatron/core/fusions/fused_bias_swiglu.py
index 632470876c9..c080a2d0db3 100644
--- a/megatron/core/fusions/fused_bias_swiglu.py
+++ b/megatron/core/fusions/fused_bias_swiglu.py
@@ -8,10 +8,36 @@
 
 from megatron.core.jit import jit_fuser
 from megatron.core.utils import nvtx_decorator
+from megatron.core.utils import is_te_min_version
+
+try:
+    import transformer_engine  # pylint: disable=unused-import
+    import transformer_engine_torch as tex
+    from transformer_engine.pytorch import Float8CurrentScalingQuantizer
+
+    HAVE_TE = is_te_min_version("2.2.0.dev0")
+
+except ModuleNotFoundError:
+
+    HAVE_TE = False
 
 ###### BIAS SWIGLU FUSION/ NO AUTOGRAD ################
 
 
+def quantize(input):
+    if HAVE_TE:
+        quantizer = Float8CurrentScalingQuantizer(
+            fp8_dtype=tex.DType.kFloat8E4M3, device=input.device, columnwise=False
+        )
+        return quantizer(input)
+    else:
+        return input.to(torch.float8_e4m3fn)
+
+
+def dequantize(input, ori_input_dtype):
+    return input.dequantize(dtype=ori_input_dtype) if HAVE_TE else input.to(ori_input_dtype)
+
+
 @jit_fuser
 def swiglu(y):
     """Performs SwiGLU (Swish-Gated Linear Unit) activation function.
@@ -114,7 +140,7 @@ def forward(ctx, input, bias, fp8_input_store, cpu_offload_input):
         Returns:
             torch.Tensor: Result of applying bias addition followed by SwiGLU activation.
         """
-        input_for_backward = input.to(torch.float8_e4m3fn) if fp8_input_store else input
+        input_for_backward = quantize(input) if fp8_input_store else input
         if cpu_offload_input:
             input_for_backward.activation_offloading = True
             bias.activation_offloading = True
@@ -139,7 +165,7 @@ def backward(ctx, grad_output):
                 - None for fp8_input_store parameter
         """
         input, bias = ctx.saved_tensors
-        input = input.to(ctx.ori_input_dtype) if ctx.fp8_input_store else input
+        input = dequantize(input, ctx.ori_input_dtype) if ctx.fp8_input_store else input
         tmp = bias_swiglu_back(grad_output, input, bias)
         return tmp, tmp, None, None
 
@@ -160,7 +186,7 @@ def forward(ctx, input, fp8_input_store, cpu_offload_input):
         Returns:
             torch.Tensor: Result of applying SwiGLU activation.
         """
-        input_for_backward = input.to(torch.float8_e4m3fn) if fp8_input_store else input
+        input_for_backward = quantize(input) if fp8_input_store else input
         if cpu_offload_input:
             input_for_backward.activation_offloading = True
         ctx.save_for_backward(input_for_backward)
@@ -183,7 +209,7 @@ def backward(ctx, grad_output):
                 - None for fp8_input_store parameter
         """
         input = ctx.saved_tensors[0]
-        input = input.to(ctx.ori_input_dtype) if ctx.fp8_input_store else input
+        input = dequantize(input, ctx.ori_input_dtype) if ctx.fp8_input_store else input
         tmp = swiglu_back(grad_output, input)
         return tmp, None, None
 
@@ -192,7 +218,7 @@ class WeightedSwiGLUFunction(torch.autograd.Function):
     @staticmethod
     # bias is an optional argument
     def forward(ctx, input, weights, fp8_input_store):
-        input_for_backward = input.to(torch.float8_e4m3fn) if fp8_input_store else input
+        input_for_backward = quantize(input) if fp8_input_store else input
         ctx.save_for_backward(input_for_backward, weights)
         ctx.ori_input_dtype = input.dtype
         ctx.fp8_input_store = fp8_input_store
@@ -201,7 +227,7 @@ def forward(ctx, input, weights, fp8_input_store):
     @staticmethod
     def backward(ctx, grad_output):
         input, weights = ctx.saved_tensors
-        input = input.to(ctx.ori_input_dtype) if ctx.fp8_input_store else input
+        input = dequantize(input, ctx.ori_input_dtype) if ctx.fp8_input_store else input
         tmp, wgrad = weighted_swiglu_back(grad_output, input, weights)
         return tmp, wgrad, None
 
diff --git a/megatron/training/arguments.py b/megatron/training/arguments.py
index 5749d20a4ca..6ee96495382 100644
--- a/megatron/training/arguments.py
+++ b/megatron/training/arguments.py
@@ -2098,6 +2098,8 @@ def _add_training_args(parser):
                        help='The communicator group names to use high priority streams.')
     group.add_argument('--disable-jit-fuser', action='store_true',
                        help='Disable the JIT fuser.')
+    group.add_argument('--activation-func-fp8-input-store', action='store_true',
+                       help='Store swiglu inputs in fp8 to save activation memory.')
 
     return parser