Jun. 23 at 9:27 PM
$MU reports tomorrow and expectations are already leaning into another strong print.
Last two quarters weren’t just beats - they were +27% and +33% upside surprises, driven by pricing power in DRAM/HBM and NAND, not one-off demand noise.
The key dynamic is still timing lag across the memory chain:
Korea spot/export pricing moves first → industry data (TrendForce, etc.) follows → Wall Street models adjust last. By the time estimates update, Micron has already locked in higher ASP contracts.
That lag only persists while AI capex remains aggressive - and hyperscaler spend is still tracking ~
$400B+ levels annually, which keeps the pricing cycle tight.
So tomorrow isn’t just about EPS - it’s about whether we get a third straight acceleration in pricing + margins.
$SNDK $EWY $DRAM watching the same memory beta.
Setup is less about “if demand exists” and more about how long pricing stays elevated.
