Micron's memory leadership remains intact because it is sold out into 2027. A red day does not change those fundamentals; anyone arguing it has topped must identify which part of demand breaks and when. x.com 

Micron's surging memory revenue points to a supercycle. Its segment and NAND revenue charts show a sharp recent acceleration, while the stock tests its rising 30-week average. x.com 

Micron is a cyclical, and if DRAM sells at cash cost at any point in the next 15 years, which is likely over that span, owners will be in deep trouble. The historical playbook is to buy memory when it looks bleak and sell when it looks rosy. When take-or-pay contracts showed up in past industries, prices often fell within 18 months and the stocks dropped as spot prices fell. @BeenThereCap counters that Micron is on pace to earn its market cap in cash within eight years. x.com  x.com  x.com  x.com 

Micron looks very cheap because the market underestimates how sustainable its earnings will be over the next few years. x.com 

Micron's sold-out high-bandwidth memory through 2027+ and contracts already being signed for 2029-2030+ extend its earnings runway. At 5x forward earnings, it is cheaper than a year ago; its private Anthropic stake is about to be instantly rerated at Anthropic's IPO, and a new share buyback is expected to be announced Dec. 9. Micron could certainly gain 30% in three months. x.com  x.com 

Micron's projections are set so high that even great years may not be enough to meet them. Samsung's Q3 results show the risk: revenue of $145.6B missed the $150.7B estimate, and operating profit of $80.2B missed $81.1B. x.com 

Micron appears to be projecting a very large price increase, great news for Micron and bad news for buyers such as Oracle, CoreWeave, Nebius, Alphabet, Meta and Amazon. Micron said it expects higher gross margins beyond fiscal Q1 for the rest of fiscal 2027, as quoted by @pequityresearch. The Fed has said AI cost increases are passing through to consumer prices, and Treasury yields jumped 0.03% as Micron's earnings hit; AI costs are set to send yields and inflation higher. x.com  x.com 

Micron can still benefit from rising memory prices because 70% remains open to pricing. Those prices have been rocketing, countering LogicalThesis's claim that long-term agreements lock away the upside. x.com 

Micron's upside is now capped while its downside remains, because its long-term agreements will be meaningless if the memory cycle turns. In hard times, even bona fide take-or-pay contracts get challenged through material adverse change clauses, so the agreements offer little protection. Memory's shareholder base is also turning over from fast money chasing pricing and revisions to growth-at-a-reasonable-price investors, who do not believe the earnings are sustainable. x.com  x.com 

Micron beating earnings with accelerating revenue growth is the most bullish possible signal for the Roundhill Memory ETF. x.com