Micron bulls are getting even more optimistic about memory trends as earnings draw closer
1 min readAnalysis by AlgoThesis Editorial Desk
Market Memory
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The story
Micron's bulls are leaning in ahead of earnings, with analyst commentary suggesting the current memory upcycle could last more than a year longer than typical cycles — a meaningful claim given that upcycles have historically been short-lived. FY2025 revenue came in at $37.4B, up nearly 49% year-over-year, with gross margins at 39.8% and diluted EPS of $7.59, signaling the pricing and demand environment remains strong, particularly from HBM and AI-driven data center DRAM.
The core tension heading into the print is whether AI infrastructure buildout is structurally extending the memory cycle or whether this is a late-cycle enthusiasm peak. Key things to watch: HBM3E allocation tightness, NAND pricing trajectory, and any guidance commentary on 2H supply additions from Samsung or SK Hynix that could pressure pricing.
The two-sided take
The house read
Two-sidedWrong ifA peak-cycle signal in guidance — particularly any commentary about Samsung or Hynix adding NAND/DRAM supply aggressively, or softening HBM pricing — could reprice the stock sharply lower regardless of the current beat, as cycle-top fear tends to override near-term fundamentals in memory names.
Published read · research, not advice