Micron earnings, oil prices fall, the newest meme stock and more in Morning Squawk

Micron reported full-year FY2025 revenue of $37.4B, up 48.9% year-over-year, with a 39.8% gross margin and $7.59 diluted EPS — figures that confirm the memory upcycle is real and that Micron is capturing a meaningful share of HBM demand tied to AI infrastructure buildout. Net margins of 22.8% further underscore that this isn't just a top-line story; profitability has inflected materially from prior-cycle troughs.

The print matters because memory has historically been the most cyclical segment in semis, and a near-50% revenue surge in a single year raises the obvious question of where in the cycle we are. Peers like Samsung and SK Hynix are the indirect reads; NVDA and AMD are the demand-side anchors whose capex trajectories determine whether Micron's HBM order book holds.

The bull case rests on structural AI demand absorbing HBM supply in ways that dampen the classic oversupply bust — Micron's gross margin expansion supports this thesis. The bear case is that the 48.9% YoY comp becomes increasingly difficult to lap, capex from hyperscalers could moderate, and any inventory build at customers would reprice memory fast.

The meme-stock mention in the headline is a sideshow for Micron specifically, but broadly signals retail sentiment is elevated — a macro backdrop that can add froth to high-momentum names and accelerate reversals. Traders will focus on guidance and HBM allocation commentary as the forward signal, not the FY print itself.