$MU Earnings Could Decide the Next Leg of the AI Bull Market
$Micron Technology(MU)$ will be spike 10%-15% for Q3 earnings on June 24.
It's valuation can easily go from $1 trillion to $5 trillion by 2035.
Here's everything you need to know:
First, $MU is the biggest botteneck in AI supply chain.
Its the only company all 3 CEO $NVIDIA(NVDA)$ , President Trump and Elon Musk said to buy.
The basics for Q3:
$33.5B revenue (±$750M), ~81% gross margin, $19.15 EPS (±$0.40)
That guide alone beats $MU's entire annual revenue through FY2024. In one quarter.
Other memory stocks have been doing super well too:
$SanDisk Corp.(SNDK)$ 820% YTD
$Western Digital(WDC)$ 333% YTD
$Seagate Technology PLC(STX)$ 288% YTD
Everyone is expecting:
$34.52B revenue, $19.72 EPS (31 analysts)
Estimates range wildly $19.68B to $40B+ on revenue, $7.53 to $24.08 on EPS.
That spread = nobody actually knows how to model this inflection.
Why this print matters more than the beat/miss:
Last quarter's net margin went from 23.4% → 58.8% YoY.
That kind of jump doesn't repeat the question is whether it holds.
The real swing factor is guidance, not the print:
Q4 above $40B + commentary on HBM tightness into 2027 → stock re-rates higher
Any hint of pricing softness in commodity DRAM/NAND → stock gets hit regardless of how clean Q3 was
Context:
MU just crossed $1T market cap. Up ~70% YTD, 350%+ over the past year.
Management (JPM Tech Conf, May 2026) said supply stays tight well beyond 2026 memory's shifting from commodity to AI-critical infrastructure as workloads go agentic.
Key customers reportedly locked into 50–66% of their actual bit demand. No relief in sight.
Capex backing the thesis:
$25B+ committed in FY2026 capex
New NY megafab w/ Bechtel
CHIPS Act support up to $6.4B
Bottom line: Thesis isn't "will $MU beat." It's "will they say supply stays this tight."
That's the only sentence that moves the stock on June 24.
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