Micron Technology Inc. (NASDAQ:MU) reports fiscal fourth-quarter earnings after the bell Wednesday, with investors looking for clues on whether the AI-driven memory boom can keep running into 2027.
Wall Street expects adjusted earnings of $31.45 per share, up from $3.03 a year ago, on revenue of $50.75 billion, up about 349%.
The stakes stretch beyond Micron. FactSet estimates put the company on track to become the biggest contributor to S&P 500 earnings growth this quarter, ahead of Nvidia.
Polymarket gives Micron a 95% chance of reporting adjusted EPS above $32.22, a threshold above both Wall Street consensus and the top of Micron’s own $30-to-$32 guidance range.
Micron’s main earnings call begins at 4:30 p.m. ET.
Kalshi traders are betting on Micron’s separate 6 p.m. ET post-earnings analyst call, which follows the company’s main financial call.
What Kalshi Predicts Micron Will Say
“Portfolio” leads at 93%. The word came up last quarter as Micron pitched the breadth of its DRAM and NAND lineup as an advantage in winning long-term customer deals.
“Data Center” at least three times sits at 91%. Micron’s cloud and core data-center units generated a combined $25.3 billion last quarter, about 61% of total revenue.
“Agentic” is at 70%. Management says AI agents are driving demand for CPU servers using conventional DRAM and newer low-power memory products.
“Idaho” sits at 67%. Micron expects higher startup costs as its Idaho fabs ramp, while major new greenfield capacity is not expected to add meaningful industry supply until 2028.
“Nvidia” trades at 60%. Micron is already shipping HBM4, its latest generation of high-bandwidth memory, designed for Nvidia Corp.’s (NASDAQ:NVDA) Vera Rubin platform.
“HBM4E” is at 53%. Micron expects the next generation of HBM to enter volume production in 2027.
“Inference” is a coin flip at 50%. JPMorgan’s Harlan Sur said on the last analyst call that inference workloads had overtaken training workloads.
What Kalshi Predicts Micron Will Skip
“China/Chinese” sits at just 31%. Chinese rivals CXMT and YMTC were raised on the last analyst call, with Micron saying most of their output remained inside China and it had seen little competition from them elsewhere.
“Anthropic” trades at 26%. Micron signed a strategic agreement with Anthropic in June covering memory supply, AI infrastructure and an investment, but Anthropic never came up on the subsequent analyst call.
“Taiwan” sits at 16%. Micron completed a $1.8 billion Taiwan fab acquisition this year, with the facility now expected to begin meaningful shipments in mid-2027.
Reading the Board
Traders expect Micron’s analyst Q&A to stay centered on AI, data centers and the capacity needed to meet demand.
Wall Street will be listening for how long the memory shortage can last. With Micron shares up roughly 280% this year, investors will be looking for evidence that today’s exceptional memory pricing and margins can persist as new supply eventually comes online.
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