Micron's HBM3E memory chips are sold out through 2027.
Fiscal Q4 expectations are very high.
Watch for revenue above $54 billion and gross margins above 86%.
What happened
Micron Technology stands at the center of the AI memory boom, with HBM3E supply sold out through 2027 and HBM4E ramping in 2027. Expectations for fiscal Q4 are ridiculously high.
Why it matters
You need to see revenue above $54 billion, gross margins exceeding 86%, and EPS of at least $33 to avoid selling. The Data Center segment, driven by HBM demand, anchors growth, while Mobile and Client/PC benefit from rising memory content per device.
What to watch
The test is whether Q4 results can beat the sky-high bar, as severe AI fatigue threatens to punish any miss. Watch for revenue above $54 billion, gross margins exceeding 86%, and EPS of at least $33.
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Micron sits at the heart of the AI memory boom, with its high-bandwidth memory (HBM) products, used in AI accelerators, sold out through 2027. The company is also ramping up the next-generation HBM4E in 2027. However, the stock's performance reflects severe AI fatigue among investors, who have seen volatile swings in semiconductor shares. The high expectations for fiscal Q4 mean any shortfall could trigger a selloff, making the upcoming results a critical test for the company and the sector.
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