Everyone is waiting for Micron’s earnings report, and near-term capital is leaning defensive.

I don’t think this earnings report will bring major changes to the fundamentals. Storage is, in the end, a supply-driven story. Capacity decisions (wafer investments, process migration, HBM capacity allocation) were already set 6–18 months ago, and most earnings reports are essentially confirmations of facts that have already happened.
What’s truly worth watching is management’s guidance on the next round of supply—especially any signals about FY2027 capital expenditures and bit growth, because those are the variables that will shape the fundamental arc over the next one or two years.
In the short term, capital is defensive, while long-term expectations are fully priced in. Downward buffer exists, but to keep moving up, there needs to be clear guidance that exceeds market expectations. $MU