Micron Technology shares have climbed back above $1,000, trading at $1,043.96, after a pullback briefly pushed the stock below that mark. The company's Strategic Customer Agreement framework now covers 16 agreements representing roughly 20% of DRAM volume and a third of NAND volume, locking in $100 billion in cumulative minimum revenue and take-or-pay commitments with floor pricing that management says supports margins significantly above prior peak margins. Fiscal Q3 revenue reached $41.46 billion, up 345.7% year over year, with gross margin of 84.9% and free cash flow of $18.3 billion, while Q4 guidance calls for $50 billion in revenue and EPS near $31. Micron trades at roughly 7x forward earnings against a mean analyst target of $1,513.11, though bears point to a 542.57% one-year surge, about $27 billion in fiscal 2026 capex, and a beta of 2.222 that amplifies any hyperscaler spending pullback. The bull case hinges on the fiscal Q4 report confirming the $50 billion revenue figure and the calendar 2027 HBM4E ramp, with roughly half of company revenue eventually contracted at floor prices above prior peak margins.
Micron Technology IncMicron's SCA floor-pricing framework locks in $100B minimum revenue and take-or-pay commitments supporting margins above prior peak, alongside blowout Q3 results and strong Q4 guidance.
