Micron Technology (MU +3.92%) is in the spotlight as investors try to decide whether to buy the stock ahead of the company's upcoming earnings report on Sept. 30. The setup looks familiar heading into the release: booming artificial intelligence (AI) demand from hyperscalers, tight memory supply, and a forecast that models a huge quarter.
The real question is not whether Micron is having a good year. It's whether chasing momentum into earnings is the smartest way for investors to play it.
Image source: Micron Technology.
What does Wall Street expect for Micron's Q4 earnings?
Wall Street is looking for about $50.8 billion in revenue and roughly $31.35 in EPS for Micron's fiscal fourth quarter. This represents 350% revenue growth and nearly 11x EPS compared to Q4 of last year. Micron's own guidance sits within comparable ranges to Wall Street, clearly signaling that the memory supercycle is still running hot.
NASDAQ: MU
Key Data Points
Why Micron could beat earnings
Amazon raised its 2026 capital expenditure (capex) outlook from $200 billion to $220 billion, with CEO Andy Jassy specifically highlighting memory prices for the increase. Meanwhile, Elon Musk specifically thanked Micron during Tesla's earnings call and spoke in detail about memory prices during SpaceX's call. Lastly, Nvidia placed supply and capacity orders totaling $267 billion through fiscal 2029, with management saying much of the spending is for memory.
When the largest companies powering AI infrastructure build-outs are lifting budgets, publicly referencing suppliers, and signing multiyear orders, memory makers like Micron have a good shot at topping already high expectations.
Don't time earnings -- build the position steadily over time
Smart investors understand that timing the market is an exercise in false precision. A beat can still sell off if guidance is light, and a miss can get shrugged off if the longer story remains intact. Micron stock is a solid buy because the company remains positioned to benefit from AI infrastructure tailwinds. The smarter approach is to build a position through dollar-cost averaging over a long term, instead of trying to buy shares around one specific earnings event.
