Hello everyone, Micron's earnings report will be announced after market close on June 24th.

In the past week, over ten Wall Street firms have already raised their target prices, with the highest even reaching around $1500. The stock price has already surged to a new all-time high. The market is no longer debating how much money will be made this quarter, but rather:

Is Micron still a traditional cyclical stock?

According to company guidance, revenue for this quarter is approximately $33.5 billion, with a gross margin of about 81% and EPS around $19. Wall Street generally expects revenue to be between $33.5 billion and $35.5 billion, and the market largely assumes this earnings report will be very strong.

But what we need to look at are two words:

Orders

Currently available information shows that Micron's HBM capacity for 2026 is already completely sold out, while also advancing multi-year strategic agreements with customers. The market is most focused on order status for 2027 and even 2028.

Why is this so important?

Because AI giants are still investing like crazy.

Microsoft, Google, Amazon, Meta, and the NVIDIA supply chain continue to expand AI data centers. Oracle's latest earnings report also raised capital expenditures again. AI infrastructure investment is still accelerating.

At the same time, DRAM and NAND prices continue to rise, HBM supply can't meet demand, and Micron's profitability has far exceeded the traditional memory cycle.

So for this earnings report, don't just focus on revenue and EPS.

Pay close attention to the news accompanying the report and whether management will reveal on the earnings call:

How much of the 2027 HBM capacity is locked in?

Are long-term contracts continuing to increase?

Are strategic orders for 3 to 5 years still fully booked?

Are HBM4 orders exceeding expectations?

If the answers to these questions are yes, then the market may further redefine Micron from a cyclical stock to an AI-beneficiary growth stock.

But if management starts to become cautious about 2027 orders, then the market will start to worry again:

Is 2026 the peak, or the beginning of an AI supercycle? The result goes without saying.

So for this earnings report, we're not looking at the past, but at future long-term orders. Post-earnings volatility might only allow the market to reprice after the earnings call.

Therefore, this earnings report will definitely see intense bullish and bearish battles. I'm optimistic that Micron can secure more long-term orders, but I still won't go all-in betting on the earnings report, regardless of whether it goes up or down.

Finally, as Micron's earnings report approaches, I think there's a high probability that Micron will ignore fluctuations related to US-Iran issues in intraday trading before the report.

The above information is for reference only and does not constitute investment advice.

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