Micron heads into earnings with options markets implying a ~14% move in either direction, reflecting both the magnitude of the recent fundamental recovery and the risk that lofty expectations are already in the price. The company reported $37.4B in revenue (+48.9% YoY) for FY2025, with gross margins of 39.8% and net margins of 22.8%, driven primarily by surging HBM/AI memory demand — a genuine cyclical inflection.

The 14% implied move is large even for Micron, signaling the market sees real two-way risk around the print. Bulls need a beat-and-raise to justify current levels; bears point to the fact that consensus expectations have been ratcheted up sharply, and any guide that merely meets rather than exceeds could produce a violent sell-the-news reaction. HBM pricing trends and the FY2026 capex outlook are the key variables to watch.