What Micron Technology (MU) Said on Its Q4 Earnings Call

Impact · against what's priced in

The earnings call provides concrete evidence for the structural earnings reset the market currently declines to pay for in MU, specifically regarding supply deficits extending into 2028 and aggressive HBM pricing. For NVDA, the collaboration on custom HBM4E is a positive technical signal but does not materially shift the massive revenue projections the market is already discounting.

MU+0.50

Challenges what's priced in

The price assumes

Sustained pricing power and margin expansion beyond 2027

The market currently refuses to pay for sustained pricing power beyond 2027, yet Micron has already begun allocation discussions for 2028 and significantly increased HBM pricing for calendar 2027 to expand margins.

What MU's price assumes · Sep 9

• MU
• NVDA
• semiconductors
• data centers
• ai
• china
• capital expenditure
• dram
• hbm
• memory chips
• supply chain