Micron leads earnings season as the AI memory trade's tell
Earnings season opens today with a report that tells us more about where this market is headed than any macro print on the calendar: Micron. The memory maker is the single highest-signal read on the AI infrastructure cycle, and tonight's number, with consensus calling for EPS of $31.16 on revenue near $50.45 billion, is the cleanest test yet of whether the trade that is carrying the S&P 500 to within a percent of its all-time high still has fuel.
Key Takeaways The S&P 500 closed Friday at 7,743.41, within 1.0% of its 7,816.70 record, while the Russell 2000 sat 7.6% below its own high, a breadth gap the tape has not closed. Micron reports today with consensus EPS of $31.16 on revenue near $50.…
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