For me, $Micron Tech(MU.US) guidance matters more this week. The memory cycle is becoming much more than a traditional cycle story, with strong AI server demand, tight DRAM supply and growing HBM demand supporting the longer-term outlook. I am especially watching whether Micron can raise its revenue, margin and HBM outlook rather than simply beat the current quarter.

PCE still matters because a hotter inflation print could keep Treasury yields elevated and pressure high-growth tech stocks. But for my portfolio, I think Micron’s forward guidance could have a more direct impact on the semiconductor names I am holding and watching. I would rather focus on the fundamentals and demand outlook than chase the immediate post-earnings move.