Why Micron's Earnings Are Important for the Market and These Holdings
After a strong run in its shares, the chipmaker will report its quarterly results after the close Wednesday. Here are our key points of interest.
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Micron Technology MU will report quarterly earnings after today’s market close. Following a more than 30% increase in MU shares since early April (in line with the Nasdaq Composite), it’s fair to say its earnings and guidance, as well as how they are received by the market, will be a barometer of what’s to follow in the coming weeks. Typically, such pronounced moves, like the one we’ve seen in Micron, mean expectations are running high, with the herd anticipating a beat-and-raise quarter in order to propel the shares even higher from here.
The move in MU shares has been fueled by robust demand for the company's data center DRAM and high-bandwidth memory (HBM) chips, which are critical for AI workloads. In the current August quarter, which is the final one for Micron’s fiscal year, its HBM revenue is expected to reach $2 billion, driven by partnerships with Nvidia NVDA for its Blackwell GPUs. Previously, Micron said its HBM output is "sold out for calendar 2025," and both we and the market will be looking to see if that status has been extended into 2026, and if so, how far.
Alongside that multi-quarter outlook, we’ll be tracking what is said about Micron’s capacity utilization levels and capital spending expectations. When Micron provides some color on its PC and smartphone end markets, we’ll be looking at shipment expectations and also for an update on its expectations for the October end-of-life for Windows 10, the PC refresh cycle, including the shift to AI PCS, as well as AI smartphone usage.
As we digest those insights and any others on AI and data center demand prospects, we’ll revisit our expectations for Nvidia, Marvell MRVL, Qualcomm QCOM, Apple AAPL, and other holdings as needed.
At the time of publication, TheStreet Pro Portfolio was long NVDA, MRVL, QCOM and AAPL.
