MU ($1,076) Faces the $56.64B Guidance Test at 6.8x Forward Earnings — $1,255 Record in Reach

Micron Technology reports fiscal fourth-quarter results after the closing bell on Wednesday, with the earnings call set for 4:30 p.m. ET. The stock traded at $1,076.69 at 10:18 a.m. ET, up 1.09% on the session, after closing Tuesday at $1,065.08, up $11.10 or 1.05%. Micron's market value stands at $1.203 trillion, having crossed the $1 trillion mark during the AI memory rally.

The scale of that rally frames every number in this forecast. Micron is up 273.18% year to date and 549.84% over 12 months. It has gained 198.16% over six months and 14.17% over one month. The stock's 52-week range runs from $163.96 to $1,255.00, so Micron sits 14.2% below its record and more than six times above its low.

Expectations match the move. Micron guided the quarter to revenue of $50 billion, plus or minus $1 billion, adjusted earnings of $31 per share, plus or minus $1, and an adjusted gross margin of 86%. Consensus estimates cluster between $50.75 billion and $51.47 billion in revenue and between $31.45 and $31.82 in adjusted EPS. A year ago, Micron reported $11.31 billion in revenue and $3.03 in adjusted EPS. A $50 billion quarter would exceed the company's entire fiscal 2025 revenue of $37.1 billion.

Options traders expect a sharp reaction. Contracts expiring October 2 imply a post-earnings move of 7.8%, or $82 from current levels, pointing to a range of $990 to $1,155 by the end of the week.

The thesis for this forecast is direct. Micron will almost certainly beat on the quarter it is reporting, since it has topped revenue estimates for 12 straight quarters. The stock will move on what comes next: guidance for fiscal first-quarter 2027, where estimates sit at $56.64 billion in revenue and $35.07 in EPS, and the durability of pricing, capital spending and high-bandwidth memory contracts into 2027. At 6.8 times forward earnings, valuation is not the problem. The problem is the cycle narrative. Guidance above $57 billion opens $1,155 and a retest of $1,255. A guide at or below $56 billion sends the stock toward $990.

The Price Tape: A $1,255 Record, a 40% Slide and a Recovery

Micron's path to this report shows how violently the stock reacts to earnings.

The stock hit its all-time high of $1,255 on the same day it reported record fiscal third-quarter results in late June, then fell 40% over the following month. That pattern, peaking on a blowout report and then sliding, is the central risk traders are weighing into Wednesday's release.

The recovery since then has been steady. Micron gained 14.17% over the past month, climbing back above the upper edge of an ascending triangle pattern on the chart as the fourth-quarter report approached. It traded at $1,092.60 in the days before the report.

The final week before earnings was volatile. Micron fell 4% on September 24 as investors weighed rising Treasury yields and higher crude oil prices. It sold off again on Monday, September 28, with the broader chip complex. Memory names including SanDisk and SK Hynix rose in premarket trading on Tuesday after Monday's selloff. Micron closed Tuesday at $1,065.08, up 1.05%, having opened at $1,077.69 and traded between $1,057.70 and $1,082.66. Volume came in at 18.67 million shares, well below the 34.60 million three-month average, a sign that traders held back ahead of the report. The stock gained 0.64% in extended trading to $1,071.92 and traded at $1,070.25 in the overnight session.

Over five sessions, Micron is down 2.84%, a modest pullback from the $1,092.60 level.

Wednesday's session added a macro tailwind. The August personal consumption expenditures report showed core inflation at 3.0% against a 3.3% forecast, cutting October Fed hike odds to 37% from 47%. The 10-year Treasury yield dropped to 5.217% after touching 5.29% on Tuesday. The Nasdaq Composite rose 0.96% to 27,054.02 by 10:23 a.m. ET, and Micron gained 1.09%.

The levels for the report are clear. The implied move points to $1,155 on the upside and $990 on the downside. Between those, $1,100 marks the most active options strike, and $1,000 is the key psychological floor. Above $1,155, the $1,255 record is the next target.

What Micron Must Deliver: $50 Billion, $31 EPS and an 86% Margin

The fourth-quarter numbers themselves carry less risk than the guidance, but they set the baseline.

Micron's guidance calls for revenue of $50 billion, plus or minus $1 billion, adjusted EPS of $31, plus or minus $1, and an adjusted gross margin of 86%. Street estimates sit slightly above the guidance midpoint. Across 33 analysts, estimates range from $28.04 to $37.44 in EPS and from $46.91 billion to $59.80 billion in revenue, an unusually wide dispersion for a company of Micron's size.

The dispersion tells you how uncertain the memory cycle has become. A $12.89 billion gap between the high and low revenue estimates equals nearly a third of Micron's entire fiscal 2025 revenue. That spread gives the company room to surprise in either direction.

The growth math is extraordinary. Consensus for the fourth quarter implies revenue growth of 350% year over year, from $11.31 billion to more than $50 billion. Adjusted EPS would climb more than tenfold from $3.03. Sequentially, the consensus implies revenue growth of 23.5% from the third quarter's $41.46 billion.

Micron's track record supports a beat. The company has topped Wall Street revenue estimates for 12 straight quarters and EPS estimates for 10. Over the last four quarters, the average EPS surprise has been 21.06%. A 21% surprise on a $31.82 consensus would imply EPS of $38.52, above the high end of the estimate range.

Gross margin is the metric to watch inside the quarter. Micron guided to 86%, up from a GAAP gross margin of 84.6% and a non-GAAP margin of 84.9% in the third quarter. An 86% gross margin would place Micron alongside the most profitable software companies in the world, a level memory makers have never sustained through a full cycle. Any shortfall from 86% would signal that input costs, product mix or pricing are starting to squeeze.

Capital spending also lands in the quarter. Micron projected fourth-quarter capital expenditures of $10 billion, bringing full fiscal 2026 spending to $27 billion.

For the forecast, a clean beat on revenue and EPS is already priced. The stock needs gross margin at or above 86% and a guide that clears the fiscal 2027 bar.

The Guidance Bar: $56.64 Billion and $35.07 for Fiscal Q1 2027

The number that moves Micron after the report is the fiscal first-quarter 2027 guidance, not the fourth-quarter result.

Estimates for the quarter ending in late November call for revenue of $56.64 billion and adjusted EPS of $35.07. That implies sequential revenue growth of 13.3% from a $50 billion fourth quarter, a slower pace than the 23.5% jump expected from the third to the fourth quarter. Even a deceleration to 13% growth would leave Micron adding $6.64 billion in quarterly revenue.

The history of the June report sets the stakes. When Micron reported record fiscal third-quarter results, the stock peaked that day and then fell 40% over the following month. The market punished strong results because investors worried the cycle had peaked. Wednesday's report has to convince the market that growth continues into 2027.

Three scenarios define the reaction. A guide above $57 billion in revenue with EPS above $35.50 would signal accelerating demand and pricing power, and would likely push the stock toward $1,155 and a retest of the $1,255 record. A guide in line with the $56.64 billion consensus would leave the stock range-bound, since the market has already priced that growth. A guide below $56 billion would confirm the deceleration fears and likely push the stock toward $990, the low end of the implied range.

The full-year outlook matters as much as the next quarter. Consensus puts fiscal 2027 adjusted EPS at $158, up 117% from a projected $72.99 in fiscal 2026. That forecast assumes memory prices stay elevated and high-bandwidth memory supply stays tight through 2027. Any comment from management suggesting supply catches up with demand in the second half of fiscal 2027 would challenge that assumption.

The other forecast to watch is capital spending. Micron said it expects capex in every quarter of fiscal 2027 to run above fourth-quarter levels, with more than half of the year-over-year increase coming from construction. That implies fiscal 2027 capex above $40 billion. Higher spending supports future growth, but it also signals that Micron is adding supply, which historically ends memory upcycles.

For the forecast, the guidance bar is high but achievable. Micron has beaten its own guidance repeatedly, and multi-year take-or-pay contracts give it unusual visibility into future revenue.

Fiscal Q3 2026: The $41.46 Billion Quarter That Set the Bar

Micron's most recent report shows the scale of the memory boom and the base the fourth quarter builds on.

For the third quarter of fiscal 2026, ended May 28, Micron reported revenue of $41.46 billion, up from $23.86 billion in the second quarter and $9.30 billion a year earlier. That represents 74% sequential growth and a 346% increase from the prior year. GAAP gross margin reached 84.6%, up from 74.4% in the second quarter and 37.7% a year earlier. On a non-GAAP basis, gross margin hit 84.9%.

Profits scaled faster than revenue. GAAP diluted EPS reached $24.67, up from $12.07 in the second quarter and $1.68 a year earlier. Non-GAAP EPS came in at $25.11, against $12.20 in the second quarter. Operating income as a share of revenue reached 80.4% on a GAAP basis and 81.2% on a non-GAAP basis, up from 23.3% and 26.8% a year earlier.

All four business units grew sharply. The largest reported $13.77 billion in revenue, up from $7.75 billion in the second quarter and $3.39 billion a year earlier. The second reported $11.52 billion, up from $5.69 billion and $1.53 billion. The third reported $11.52 billion, up from $7.71 billion and $3.26 billion. The fourth reported $4.63 billion, up from $2.71 billion and $1.13 billion.

The trailing figures show a company transformed. Over the past 12 months, Micron generated $90.27 billion in revenue and $50.47 billion in net income, a profit margin of 55.91%. Return on equity stands at 66.64% and return on assets at 34.87%. Trailing diluted EPS reached $44.27.

Management's language at the June report set up Wednesday's expectations. CEO Sanjay Mehrotra called the third-quarter results a record and the fourth-quarter outlook even stronger, citing the strategic value of memory in the AI era.

The balance sheet reflects the cash windfall. Micron holds $26.02 billion in cash, and total debt equals just 6.33% of equity. Levered free cash flow over the past 12 months reached $7.64 billion, lower than net income because of the heavy capital spending on new fabs.

For the forecast, the third quarter proves the demand is real. The question is how long 84% to 86% gross margins can last before new supply from Micron and its competitors catches up.

HBM and Take-or-Pay Contracts: $100 Billion of Locked-In Demand

High-bandwidth memory is the engine of Micron's growth, and the company's contract structure is what separates this cycle from past memory booms.

HBM stacks multiple layers of DRAM on top of each other to deliver the bandwidth that AI accelerators need to feed large language models. Every Nvidia, AMD and custom AI chip requires HBM, and supply has lagged demand since the AI buildout began. Rising demand for HBM is expected to have remained the major revenue driver in the fourth quarter.

The contract structure changes the risk profile. Micron has signed multi-year take-or-pay agreements for high-bandwidth memory that total $100 billion. Take-or-pay contracts require customers to pay for committed volumes whether or not they take delivery, which protects Micron if demand softens. These contracts account for 40% of Micron's revenue, and the company expects that share to move toward 50% over time.

That structure reduces the classic memory-cycle risk. In past cycles, memory prices crashed when supply caught up with demand, and Micron's revenue fell with them. In fiscal 2023, Micron's annual revenue was $15.54 billion, its GAAP gross margin was negative 9.1%, and it reported a net loss. Take-or-pay contracts lock in a portion of revenue at agreed prices, cushioning Micron against the next downturn.

The next generation matters for guidance. The timing of HBM4 mass production and its revenue contribution is one of the three key uncertainties in this report, alongside guidance and standard DRAM pricing. HBM4 supply tightness is a potential catalyst for the stock. Any confirmation that HBM4 production has ramped on schedule, with customers committed to volumes, would support the fiscal 2027 forecast.

Micron is also investing in domestic capacity. The company is spending $2 billion to modernize its DRAM fab in Manassas, Virginia, and that deal adds to its growing pool of multi-year take-or-pay contracts.

The downstream effects show Micron's pricing power. Rising memory chip costs have pushed Apple's new CEO John Ternus to weigh layoffs, according to reports this week. When the world's most valuable consumer electronics company is cutting costs because of memory prices, the supplier holds the leverage.

For the forecast, the $100 billion contract pool is the strongest argument against a repeat of the June selloff. It gives Micron visibility that no previous memory cycle offered.

Valuation: $1.2 Trillion at 6.8 Times Forward Earnings

Micron's valuation looks extreme in dollars and cheap in multiples, and that paradox defines the debate around the stock.

At $1,076.69 per share, Micron's market value stands at $1.203 trillion. On a trailing basis, the stock trades at 24.06 times earnings, based on trailing EPS of $44.27. That multiple already reflects a company earning at record levels.

The forward multiple tells a different story. Based on consensus fiscal 2027 EPS of $158, Micron trades at 6.8 times forward earnings, against an industry average of 37 times. A stock growing earnings 117% in a single year at 6.8 times forward earnings would normally look like a bargain.

The market prices Micron low for a reason. Memory is a cyclical business, and investors assume that record earnings will not last. Peak-cycle earnings typically command low multiples because the market expects them to fall. The question is whether fiscal 2027 earnings of $158 per share represent a peak or a new base.

The price-to-sales picture reflects the same tension. At $1.203 trillion against trailing revenue of $90.27 billion, Micron trades at 13.3 times sales. If the fourth quarter comes in at $50 billion and the first quarter of fiscal 2027 at $56.64 billion, the annualized revenue run rate would exceed $220 billion, dropping the price-to-sales ratio below 6 times.

Street price targets show the range of views. The average target stands at $1,520.76, implying 41.2% upside from $1,076.69. The low target sits at $361, and the high at $2,200. The $1,839 spread between the lowest and highest targets captures the disagreement about whether the memory boom continues.

The stock split question adds a retail angle. Retail traders on social media have speculated that Micron could announce a stock split with the report, pointing to Nvidia's 10-for-1 split in 2024 when its shares traded around $1,200. A split does not change the company's value, but it often draws retail buying.

For the forecast, valuation provides support rather than resistance. At 6.8 times forward earnings, the stock does not need multiple expansion to rise. It needs the fiscal 2027 earnings forecast to hold.

Options Positioning: $82 Implied Move and a Crowded $1,100 Strike

The options market shows how traders are positioned into the report and where the stock could land.

Contracts expiring October 2 imply a post-earnings move of 7.8%, or $82 from current levels. That points to a range of $990 to $1,155 by the end of the week. The implied move is smaller than some past Micron reports, reflecting how much volatility has already been priced into the stock's 273% year-to-date rally.

Call activity dominates. The $1,100 strike drew more than 12,400 contracts in Tuesday's trading, the most active contract, with activity also gathering around the $1,050 and $1,200 calls. The $1,100 strike sits 2.2% above the current price, so traders are betting on a modest beat-and-rise reaction.

Downside hedging concentrated around the $1,000 and $1,050 puts. The $1,000 strike marks both a round number and a level just above the $990 low end of the implied range.

Speculative positioning extends in both directions. Traders bought calls at $1,400 and $1,500, strikes that would require a 30% to 39% jump, and puts at $600 and $650, strikes that would require a 40% to 44% collapse. Those tails show that some traders see the report as a potential inflection point for the entire memory cycle.

The broader derivatives picture adds context. YieldMax launched the MUY Option Income Strategy ETF on September 29, a fund that sells options on Micron to generate income. The launch reflects how much retail and institutional demand has built around Micron's volatility.

Micron's beta of 2.22 means the stock historically moves more than twice as much as the broader market. That amplifies both the upside from a strong guide and the downside from a disappointment.

For traders, the options market sets clear boundaries. A close above $1,155 on Thursday would break the implied range to the upside and signal the market is repricing the fiscal 2027 outlook. A close below $990 would break the range to the downside and suggest a repeat of the June pattern. A move inside the range would leave the stock consolidating until the next catalyst.

Sector and Competition: SK Hynix, Samsung, SanDisk and the AI Supply Chain

Micron competes in a concentrated industry, and its results will move the entire memory and AI hardware complex.

The DRAM market has three major players: Samsung, SK Hynix and Micron. Micron holds the third-place share in DRAM and the fifth-place share in NAND flash. In HBM specifically, SK Hynix has led the market, with Micron competing for the second position. SK Hynix and SanDisk both moved with Micron in the days before the report, rising in premarket trading on Tuesday after Monday's selloff.

The competitive risk is supply. Each of the three DRAM makers is spending heavily to add capacity. Micron's fiscal 2026 capex of $27 billion and fiscal 2027 plans above that level reflect an industry-wide push to meet AI demand. Historically, memory upcycles end when that new capacity comes online at the same time demand growth slows. The question for 2027 is whether AI demand keeps absorbing the new supply.

Micron's results will ripple through the AI hardware chain. Nvidia traded at $231.10 on Wednesday, up 1.71%, with a $5.58 trillion market value. Nvidia's AI accelerators consume the HBM that Micron makes, so strong Micron guidance signals continued demand for Nvidia's chips. AMD, which launched an $8.2 billion bet on AI with an acquisition this week, also relies on HBM for its Instinct MI455X accelerators.

The server supply chain shows mixed signals. Hewlett Packard Enterprise jumped 4.92% on Wednesday to $64.51 after landing a $1.2 billion order for AMD Helios AI racks, each with 72 MI455X GPUs that need HBM. Jabil fell 5.70% despite beating fourth-quarter estimates, as investors took profits on AI infrastructure names after strong runs. Jabil's reaction shows the risk Micron faces: a beat can still trigger selling when expectations run high.

Sector ETFs will track the reaction. The Roundhill Memory ETF heads into the week with Micron's earnings as its biggest catalyst. The semiconductor sector as a whole has driven much of the Nasdaq's 2026 gains.

For the forecast, Micron's report is a sector event. A strong guide would lift memory, AI chips and the server supply chain. A weak guide would hit the entire AI hardware complex, from Nvidia to Jabil.

The Macro Backdrop: Yields, the Fed and the AI Spending Cycle

Micron's stock has become sensitive to interest rates this quarter, and Wednesday's macro data gave it a tailwind into the report.

The 10-year Treasury yield climbed 82 basis points in the third quarter, the largest quarterly jump in four years, and touched 5.29% on Tuesday, its highest since 2007. Micron fell 4% on September 24 as investors weighed rising yields and higher oil prices. High-beta growth stocks like Micron suffer when the discount rate rises.

Wednesday's inflation data eased that pressure. Core PCE rose 0.2% in August for a 3.0% annual rate against a 3.3% forecast. October Fed hike odds fell to 37% from 47%. The 2-year Treasury yield dropped more than 6 basis points to 4.827%, and the 10-year fell to 5.217%. The Nasdaq rose 0.96% on the data, and Micron climbed 1.09%.

The Fed raised rates on September 16 to a 3.75% to 4.00% range, its first hike since 2023. A pause in October would remove one headwind for growth stocks heading into the fourth quarter.

The AI spending cycle matters more than rates for Micron's fundamentals. Hyperscale cloud companies continue to pour capital into AI data centers. SpaceX placed a launch veteran in charge of building six new phases of AI compute capacity by year-end. HPE said AI is driving the largest infrastructure buildout in history. Every new AI data center needs HBM, DRAM and NAND storage.

The risk in the macro picture is energy. Brent crude traded at $103.60 on Wednesday, and energy costs feed into both inflation and the operating costs of data centers. A sustained oil spike would push yields higher and could slow AI capital spending if it squeezes corporate budgets.

Consumer demand is weaker than enterprise demand. Consumer confidence fell to a 12-year low in September. Micron's consumer-facing segments, including smartphones and PCs, face softer demand than its data center business. Apple's reported cost-cutting over memory prices shows the strain.

For the forecast, the macro backdrop is supportive into the report. Lower yields help the valuation, and AI spending supports demand. A hot payrolls report on Friday could reverse the yield relief and pressure the stock after the earnings reaction.

Technical Picture: $1,000 Floor, $1,100 Pivot, $1,155 and $1,255 Overhead

Micron's chart defines the levels that matter for the post-earnings reaction.

The first support is $1,057.70, Tuesday's intraday low. Below that, the $1,000 round number marks both a psychological floor and the concentration of put positioning. The low end of the implied move sits at $990, 8.1% below the current price. A close below $990 would break the options-implied range and open a move toward the 50-day moving average zone and the late-summer lows.

The June precedent defines the worst case. After peaking at $1,255 on its June earnings day, Micron fell 40% over the following month, bottoming near $750. A repeat of that pattern from current levels would target the $650 area, where some traders bought puts. That scenario would require a clear signal that the memory cycle has peaked.

On the upside, the first resistance sits at $1,082.66, Tuesday's intraday high, then at $1,092.60, the level the stock traded at before the final week's pullback. The $1,100 strike, the most active options contract, marks the next pivot. The top of the implied range sits at $1,155, a 7.3% gain from $1,076.69.

Above $1,155, the all-time high of $1,255 stands 16.6% above the current price. A close above $1,255 would put Micron at a new record and open the path toward the $1,520.76 average price target.

The recent chart pattern is constructive. Micron climbed back above the upper edge of an ascending triangle pattern in the weeks before the report, a formation that typically signals continuation of the prior uptrend. The stock gained 14.17% over one month even with the late-September pullback.

Volume will confirm the reaction. Tuesday's 18.67 million shares ran at barely half the 34.60 million average, a sign that traders stepped aside ahead of the report. Thursday's volume will likely exceed the average by a wide margin.

For traders, the setup favors defined-risk positions rather than outright bets. The implied range of $990 to $1,155 frames the likely outcome, with a close outside either end signaling a trend change.

The Risk Ledger: Peak-Cycle Fears, Supply Growth, Insider Sales and Macro Reversal

Four specific risks could push Micron below $990 after the report.

The first is the peak-cycle narrative. Micron's stock peaked on its June earnings day and fell 40% over the following month, even though the results were records. The same pattern could repeat if investors conclude that fiscal fourth-quarter growth of 23.5% sequentially marks the fastest pace of the cycle. The consensus implies a slowdown to 13% sequential growth in fiscal first-quarter 2027. Any guide that confirms deceleration, even at record levels, could trigger selling.

The second is supply growth. Micron plans capex in every quarter of fiscal 2027 above its $10 billion fourth-quarter level, and its competitors are adding capacity just as aggressively. Memory cycles historically end when new supply arrives. If management signals that HBM supply will catch up with demand in the second half of fiscal 2027, the market would price a peak in margins.

The third is margin pressure. The 86% gross margin guide sits at the edge of what any memory maker has sustained. A shortfall to 84% or 85%, or guidance for margins to flatten, would signal that pricing power is fading. Standard DRAM price trends and capital spending plans are key uncertainties that will shape the industry outlook.

The fourth is insider selling and positioning. CEO Sanjay Mehrotra has made recent share sales, which have drawn attention before the report. Short sellers have also targeted the stock. With the shares up 273% year to date, positioning is crowded on the long side, which amplifies the downside if results disappoint.

A fifth risk is the macro backdrop. Friday's September payrolls report could revive Fed hike odds and push Treasury yields back above 5.29%, pressuring high-beta growth stocks regardless of Micron's results. Micron's beta of 2.22 means a 3% market decline could translate into a 6% to 7% drop in the stock.

Each risk carries a measurable trigger. A fiscal first-quarter 2027 revenue guide below $56 billion, a gross margin guide below 86%, capex plans suggesting fiscal 2027 spending well above $40 billion, or a 10-year yield back above 5.29% would each shift the balance toward a retest of $990 or lower.

Micron Stock Forecast and Verdict: Bullish Into the Print, Targets $1,155 and $1,255 on a Guide Above $57 Billion

The verdict on Micron is bullish into the report, conditional on guidance clearing a high bar. The stock trades at $1,076.69, up 1.09% on Wednesday, with a $1.203 trillion market value and an options-implied move of 7.8%, or $82, pointing to a range of $990 to $1,155 by October 2.

The bullish case rests on fundamentals that continue to outrun expectations. Micron guided the fourth quarter to $50 billion in revenue, $31 in adjusted EPS and an 86% gross margin, against $11.31 billion and $3.03 a year earlier. It has beaten revenue estimates for 12 straight quarters, with an average EPS surprise of 21.06% over the last four. Multi-year HBM take-or-pay contracts total $100 billion and account for 40% of revenue, giving Micron visibility no prior memory cycle offered. At 6.8 times fiscal 2027 consensus EPS of $158, the valuation leaves room for upside without multiple expansion.

The decisive number is fiscal first-quarter 2027 guidance against the $56.64 billion revenue and $35.07 EPS consensus. A guide above $57 billion in revenue and $35.50 in EPS would push the stock through the top of the implied range at $1,155, a 7.3% gain, and set up a retest of the $1,255 record, a 16.6% gain. A close above $1,255 would open the path toward the $1,520.76 average price target.

The invalidation level is a close below $990, the bottom of the implied range. A guide below $56 billion or a gross margin shortfall would trigger that move and raise the risk of a June-style slide toward $750.

The risks are specific. The June report showed that record results can mark a stock peak. Fiscal 2027 capex above $40 billion adds supply across an industry where every major player is expanding. An 86% gross margin sits at the historical edge for memory. Friday's payrolls report could push yields higher and hit high-beta stocks.

The balance of evidence favors a positive reaction, with locked-in HBM demand, falling Treasury yields and a forward multiple under 7 providing support that the June selloff lacked. As long as the fiscal first-quarter 2027 guide clears $57 billion, the forecast calls for Micron to break above $1,155 and challenge its $1,255 record, while a guide below $56 billion would send the stock back toward $990.

That's TradingNEWS