$MU

Micron ($MU) just did $23.86B vs $20.07B consensus and guided next quarter to $33.5B with ~81% gross margins. And the stock still fell after hours. it tells me that expectations are already enormous.. imo most people are still looking at the wrong variable. this is not only an HBM pricing story. It is a wafer allocation story. HBM uses far more wafer capacity per bit than conventional DRAM, so every extra wafer pushed into HBM comes out of DDR5 and LPDDR supply. that is why memory tightness is spreading across the stack, not staying contained to AI SKUs. the real break is weaker hyperscaler capex or a genuine drop in memory per accelerator (unlikely) I don’t see either yet. so the memory bonanza continues!