micron reports tomorrow, and many have asked me thoughts abt the forward guidance. it could look like a miss even if the business keeps growing. here's why. this quarter had 14 weeks (micron's fiscal year had an extra one). next quarter has 13. that alone takes ~7% off the headline before prices or volumes move. then the price caps. about half of micron's revenue is moving into multi-year deals, and the first ones cap prices at april-june levels. HBM is already priced for all of 2026. per day, revenue should still grow ~8-12%. the headline may not show it. our read: the guide lands at this quarter's revenue +~4%. given Tessara's $56B base case for this quarter, that's ~$57B, with ~87.5% gross margin and ~$35-36 EPS. https://t.co/deToFx35tL if micron guides $59B+ on a ~$56B quarter
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