GPUs get the headlines. Memory moves the tokens. Micron is the only U.S. HBM name inside that choke point.
Q4 revenue $54.23B, up 31% quarter on quarter and 379% year on year. Adjusted EPS $33.42. FY2026 revenue $133.2B. Q1 guide about $61.5B and $38.15 EPS. Customer commitments roughly $32B. Most 2027 HBM already contracted, deals out toward 2030–2031. Management expects tight supply through FY2027–28. New fabs take years. Demand is outrunning supply.
June 25 high $1,255. Pullback tested the Ichimoku cloud. Cloud held. Price is back above it. Trend still bullish. After this run, another digestion leg is the base case. Scale bids. Do not chase.
Buy limits:
1. $1,058 high fill
2. $994 moderate
3. $936 low fill.
Targets:
1. $1,256 high fill
2. $1,369 moderate
3. $1,456 low fill.
Invalidation: daily close back inside the cloud. Hard stop below $936.
Memory is still a cycle. Samsung and SK hynix compete. Export rules and a hyperscaler capex air-pocket can gap it. Margins north of 80% will not last. Size it. Do not marry it.
Not financial advice.
Q4 revenue $54.23B, up 31% quarter on quarter and 379% year on year. Adjusted EPS $33.42. FY2026 revenue $133.2B. Q1 guide about $61.5B and $38.15 EPS. Customer commitments roughly $32B. Most 2027 HBM already contracted, deals out toward 2030–2031. Management expects tight supply through FY2027–28. New fabs take years. Demand is outrunning supply.
June 25 high $1,255. Pullback tested the Ichimoku cloud. Cloud held. Price is back above it. Trend still bullish. After this run, another digestion leg is the base case. Scale bids. Do not chase.
Buy limits:
1. $1,058 high fill
2. $994 moderate
3. $936 low fill.
Targets:
1. $1,256 high fill
2. $1,369 moderate
3. $1,456 low fill.
Invalidation: daily close back inside the cloud. Hard stop below $936.
Memory is still a cycle. Samsung and SK hynix compete. Export rules and a hyperscaler capex air-pocket can gap it. Margins north of 80% will not last. Size it. Do not marry it.
Not financial advice.
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