MU delivered outstanding results last night.

Q3 revenue $41.46B (market estimate $35.84B), adjusted EPS $25.11 (estimate $20.78), gross margin 84.9%. Q4 guidance is even more aggressive—revenue $50B±1B, gross margin ~86%, EPS $31. It surged 15% in after-hours, now steady around +5%.
The most critical part is those 16 long-term agreements, locking in volumes for 3–5 years with financial commitments of $22 billion. The CEO said, "I put half my life into these LTAs"—meaning MU’s $1.28 trillion valuation logic has shifted from "cyclical stock" to "AI infrastructure," and the story has completely changed.
But there’s another test before the market opens today: the PCE data this afternoon. The market expects May core PCE at 3.4% year-over-year, the highest since 2023. The Fed’s June dot plot was hawkish, and tonight’s number will decide who laughs last—the bulls or the bears.
‍#MU #财报季 #PCE