According to CNBC, Micron is heading into its fiscal 2026 fourth-quarter results due Wednesday evening with memory supply constraints still in place, and analysts expect earnings per share of $31.49 on revenue of $50.9 billion. Investors are focused less on a potential earnings and revenue beat than on how long the shortage will last and whether demand will hold once new supply comes online. Micron shares have risen nearly 280% this year, but the stock remains more than 10% below its June 25 record closing price of about $1,213 per share.

The company makes DRAM, high bandwidth memory and NAND flash memory, products that have seen demand outstrip supply amid the artificial intelligence boom. Jim Cramer said the price of memory is going higher, not lower, and said he hopes Micron CEO Sanjay Mehrotra announces a monster buyback after CHIPS Act grant restrictions expire in December. UBS said investor attention should center on demand durability and capital returns, while Wells Fargo said it expects shares to be driven by confidence in the length of memory tightness, expanding strategic customer agreements and Micron's execution. Citi raised its Micron price target to $1,300 from $1,150 this week and said it expects equipment makers to keep discussing DRAM and other shortages at Semicon West, scheduled for Oct. 13 to 15 in San Francisco.