[DEVELOPING] Micron's Sept 30 print framed as a memory-shortage confirmation; DRAM and NAND at record highs
Micron reports fiscal Q4 on Sept 30 with Street revenue near $50.8B, up ~350% y/y, trading around 6x forward earnings after a >20% pullback from its high. DRAM and NAND prices hit record highs in August, with TrendForce guiding PC DRAM up 18-23% sequentially in Q3, and SK Hynix expecting the DRAM imbalance to worsen into 2027. Micron is one of three HBM4 suppliers Nvidia certified in June for its Vera Rubin platform, though analysts expect it to draw the smallest allocation of the three.