microearnings

Micron FY2026 Q4 Earnings Preview — My 3 Things to Watch for $MU

Micron's earnings this week is the real test of the memory supercycle.

Here are my 3 key watches for FY2026 Q4:

1. Gross Margin: Can they push past 86%? Last quarter was 84.2%. The shift to HBM will be the deciding factor.

2. HBM Revenue: Will it cross $4B? This number will set the tone for FY2027 guidance.

3. Capex Guidance: Are they increasing supply too fast? If capex stays disciplined, the supercycle continues.

My take: Yes, 86% margin is possible this quarter, but this could be the peak. I expect the memory supercycle to run until mid-2027 before it starts to normalize.

My strategy: I am neutral to slightly bearish right after the report — classic buy the rumor, sell the news risk — then looking to buy the dip.

How are you positioning? Are you bullish or bearish on $MU after Q4?

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