Micron didn’t just beat expectations.
It obliterated its own previous quarter — and then guided even higher.
Q4 revenue hit $54.23B, up from $41.46B in Q3 and $11.32B a year ago. Non-GAAP EPS came in at $33.42, while gross margin reached 87%. 
But here’s the part I find more interesting:
💰 Customers are locking in supply
Micron’s long-term strategic customer agreements have jumped from $22B in June to $32B.
That’s a big change for a business historically known for brutal boom-and-bust memory cycles. Reuters reports Micron has already secured agreements covering most of its expected 2027 output. 
In other words, this isn’t simply:
“AI demand is strong.”
It’s increasingly:
“Customers are willing to commit billions to make sure they actually get the memory they need.”
📈 And management isn’t slowing down
Micron is guiding for another record quarter:
Q1 FY2027 revenue: $61.5B ± $1.5B
Non-GAAP EPS: $38.15 ± $1.00
Non-GAAP gross margin: ~86.25% 
The company also generated $33.2B of adjusted free cash flow in Q4 and ended the year with $73.5B in cash, marketable investments and restricted cash. 
That’s an incredible amount of financial firepower.
But there’s another side to this story.
Micron is going to have to spend heavily to expand capacity. Management expects memory supply-demand conditions to remain tight through fiscal 2027 and 2028. 
So the next debate isn’t whether Micron can generate cash.
It’s whether it can turn today’s extraordinary margins into a durable new earnings base without eventually flooding the market with capacity.
That’s the real memory-cycle question.
$MU is no longer just an AI beneficiary story. It’s becoming a fascinating test of whether AI demand can fundamentally reshape a cyclical semiconductor business.
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