Quick Read – Apple generated $112B in operating cash flow, authorized a fresh $100B buyback, and posted record Services revenue of $31B in Q2 fiscal 2026. – Micron’s 68% gross margins and 89% capex surge signal a commodity memory cycle peak, while a beta of 2.2 amplifies…
wnside as rate cuts fade. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apple didn’t make the cut. Grab the names FREE today
Micron Technology (NASDAQ:MU) is the stock everyone wants to talk about right now, with shares up 202.87% year to date on an AI memory supercycle narrative that has order books reportedly stretching into 2027. But here’s what you should actually be watching. The Crowded Trade At The Top Of Its Cycle Micron just reported a fiscal Q1 with revenue of $13.64 billion, up 56.6% year over year, and guided fiscal Q2 to a non-GAAP gross margin of 68%.
Those are peak-cycle numbers by definition. Memory is, was, and will remain a commodity business where margins of that magnitude exist to attract the very capacity that eventually destroys them. Management is responding exactly as the textbook predicts: capex hit $5.39 billion in a single quarter and $15.86 billion for fiscal 2025, up 89% year over year.