The data from Micron's last quarter just dropped and there are a few numbers worth noting.


Q2 revenue guidance is $18.7 billion (±$400 million), a year-over-year increase of 132.3%. Gross margin guidance is 67% ± 1%. This isn't just a slight improvement; we're talking about consecutive all-time highs—revenue, gross margin, EPS, and free cash flow are all setting new records.
The core driver here is HBM. Micron's HBM capacity for 2026 is sold out, with total capital expenditures ramping up to $20 billion. HBM's market share is climbing from 20% to 24%, and their new plants in Idaho and Taiwan are still under construction. Production of HBM4 has already started ramping up in Q2.
The storage industry has always been cyclical, but this time it's different. As HBM becomes the hard currency of AI infrastructure, the cycle is getting compressed. The next question is: can production keep up with demand?#TradfiTradingChallenge
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