#EarningsSeason
$MU reports FY2026 Q4 earnings on September 30, and the number I’m watching most closely is gross margin.
Micron guided for:
• Revenue: ~$50B ± $1B
• Non-GAAP EPS: ~$31 ± $1
• Gross margin: ~86%
Q3 non-GAAP gross margin was already around 85%, so getting past 86% would show that strong memory pricing and the AI-driven product mix are still translating into operating leverage.
My view: cautiously bullish, but I wouldn’t chase the stock purely because of a headline beat. Expectations are already extremely high. The real signal will be the forward outlook—especially DRAM/NAND pricing, HBM demand, and whether margins can stay elevated into FY2027.
If Micron beats on revenue but guides conservatively on future pricing/margins, the market could focus on the second half of the story rather than the quarter just reported.
For me, the memory super cycle still has room to run, but the durability of pricing is more important than one strong earnings print.
Data > hype.
#MU #Micron #Semiconductors #Aİ