Micron Technology posted a blowout fiscal year, reporting $37.4B in revenue — nearly 49% above the prior year — alongside a 39.8% gross margin and $7.59 in diluted EPS. The results reflect accelerating demand for high-bandwidth memory (HBM) tied to AI infrastructure buildout, with hyperscalers and GPU makers driving outsized orders. The stock surged roughly 16% on the print, pulling AI memory peers higher in its wake.

The numbers matter because they validate the AI memory supercycle thesis in hard dollar terms: Micron's gross margin expansion signals pricing power, not just volume, and the revenue ramp at this scale is difficult to dismiss as a one-quarter aberration. Peer names like SK Hynix and Samsung benefit indirectly from the demand signal, while NVIDIA and AMD — the primary HBM consumers — see their own supply-chain narratives reinforced.

The bull setup is straightforward: if HBM demand sustains into the next fiscal year, Micron's margin structure (22.8% net) has room to expand further as mix shifts to premium products. The bear case centers on the cyclical nature of memory — DRAM and NAND markets have historically overshot, and a capex pullback from hyperscalers or a slowdown in AI hardware spend could reverse pricing gains quickly.

The CoinDesk framing — that the Micron surge 'dealt crypto bulls a blow' — suggests a risk-appetite rotation dynamic worth watching: when high-conviction AI hardware stories print this cleanly, speculative assets can lose relative momentum. The next catalyst is Micron's forward guidance cadence and any commentary on HBM3E allocation into calendar 2026.