Micron Technology is set to report earnings, and traders are structuring bull put spreads — selling a put at a higher strike and buying a lower-strike put for protection — as a way to collect premium if MU stays above the short strike through expiry. FY2025 revenue came in at $37.4B, up nearly 49% YoY, with gross margins of 39.8% and diluted EPS of $7.59, reflecting a strong HBM/AI memory demand cycle.

The bull put spread thesis leans on MU holding a price floor into the print rather than needing to rally; the risk is a downside earnings surprise or guidance cut that breaks the short strike and turns the spread into a max-loss position. Key items to watch: HBM supply allocation commentary, DRAM pricing trajectory, and any guidance revision relative to the current consensus range.