Storage Stays Tight. Three Earnings This Week.

$Micron Tech(MU.US)

Ok here is the follow up to my pre earnings comments yesterday ->

Micron just delivered the kind of earnings where you look at the numbers and go… “wait, what?” 😂

Revenue came in at $54.2 billion, and next quarter Micron is guiding for around $61.5 billion — comfortably above what Wall Street was expecting.

But the number that really caught my attention wasn’t revenue.

Micron’s long-term customer commitments have jumped from $22 billion to $32 billion, while remaining performance obligations have climbed to around $150 billion.

That doesn’t exactly sound like AI memory demand is cooling off. 😂

For me, this is becoming less about whether Micron can sell enough HBM and DRAM…

…and more about where all the supply is going to come from.

AI has turned memory from something many investors used to treat as a boring cyclical commodity into one of the key bottlenecks of the entire infrastructure buildout.

And there’s another interesting part.

The stock didn’t exactly explode after the results.

Which tells you just how high expectations have become.

Apparently smashing earnings isn’t enough anymore. You now have to smash the smash. 😂

Still, from a bigger-picture perspective, the message from Micron looks pretty clear to me:

AI infrastructure demand remains very much alive — and memory is sitting right in the middle of it.

Sometimes the supposedly boring part of the stack ends up being where all the action is. 👀

@Captain Leo

$Micron Tech(MU.US)

Some thoughts before earnings to sum up why I am cautious into Micron’s earnings ->

Micron reports fiscal Q4 results after the U.S. close today. The setup is unusual: last quarter it guided to about $50B revenue and ~86% gross margin, while saying HBM4 was already in high-volume shipments. So expectations are already very high.

Micron earnings tonight. And this one feels bigger than just “beat or miss.” 👀

For years, memory was treated as the boring, cyclical part of semiconductors.

Then AI happened.

Suddenly everyone discovered that GPUs are wonderful… but they still need somewhere to put all that data. 😂

HBM, DRAM, data-centre memory — the stuff that rarely made the headlines — has become one of the biggest bottlenecks in the AI buildout.

So when Micron reports later, I’m not really interested in whether they beat estimates by a few percentage points.

I want to know:

Is memory demand still getting tighter?

Are customers still fighting for HBM capacity?

Are margins holding up?

And perhaps most importantly — does management still see this strength carrying into 2027?

Because if the answer is yes, then the story may be much bigger than one quarter.

Micron has already gone from being viewed as a traditional memory-cycle stock to becoming an increasingly important part of the AI infrastructure stack.

Of course, there’s one small thing…

The market already knows this. 😂

Expectations are high.

So tonight may come down to something we see quite often in markets:

Good numbers may not be enough. The guidance needs to be good too.

Either way, I’ll be paying attention.

Sometimes the “boring” part of the technology stack ends up becoming the most important part. 👀

@Captain Leo