Micron reports tonight with earnings expected up roughly 10x from a year ago, yet the stock trades at about 7x forward earnings. Is the market doubting the numbers, or is the old memory cycle finally broken?
In this preview I walk through why Inside Edge Capital holds Micron well above its S&P 500 weight, how trailing revenue broke out of a 17-year cyclical range, what the Street expects tonight ($31.82 EPS on $51.47B in sales), and why the forward P/E keeps resetting lower every time estimates jump. Then free cash flow, and the question that could matter as much as the quarter itself: what Micron does with its cash once CHIPS Act buyback limits lift on December 9.