BEFORE Micron reported, we put 80% on revenue beating every analyst estimate (~$52B) Actual: $54.23B our own central estimate was $54.5B. our model scenario was $56.2B. (@tessara_ai) but if you skip the headline numbers, you'll find the most useful details in $MU's earnings call: 1. more HBM didn't mean higher margins. cloud memory revenue rose 18% in Q4. gross margin stayed at 83%. management's explanation: higher pricing was offset by a higher HBM mix. Micron’s 2026 HBM prices were negotiated earlier. meanwhile, conventional DRAM pricing became very strong. so HBM’s gross margin was below conventional DRAM’s. shifting sales toward HBM could hold back the overall margin percentage, even while revenue grew. so the opportunity is 2-fold: ship more HBM + earn better margins on tho
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