Micron's fiscal-year results landed as one of the most consequential semiconductor earnings prints in recent memory, with revenue of $37.4B representing a 48.9% year-over-year surge and diluted EPS of $7.59 on gross margins of 39.8% and net margins of 22.8%. Mizuho's managing director called the earnings 'hard to overstate,' a rare superlative from a typically measured sell-side voice.

The numbers matter well beyond Micron itself. MU is the primary publicly-traded pure-play on DRAM and NAND memory, and its HBM (High Bandwidth Memory) ramp is directly tied to AI GPU buildouts at Nvidia, AMD, and hyperscaler data centers. A beat of this magnitude signals that AI capex is not only intact but accelerating into 2025.

The second-order setup is significant: memory has historically been a boom-bust cycle, and the question the market will now debate is whether these margins are peak or just the beginning of a multi-year upcycle. Bulls point to HBM3E supply constraints, long-term contracts, and the fact that $37.4B in revenue was almost certainly supply-constrained rather than demand-constrained.

Bears will flag that NAND pricing remains volatile, that Samsung and SK Hynix are aggressively ramping capacity, and that a single strong print does not guarantee sustained margin expansion. The stock's reaction in the days following the print is the real tell — if MU holds the post-earnings gap, it likely signals institutional accumulation rather than sell-the-news behavior.

What to watch: Micron's next quarterly guide, HBM allocation disclosures, and any commentary from Nvidia or AMD about memory constraints in their own upcoming prints.