Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTOmor Ibne EhsanWed, June 24, 2026 at 6:30 PM GMT+2 4 min readQuick ReadMuse argues memory supply gets even tighter in 2027, supporting a $200 EPS bull case for Micron (MU) trading at just 5x earnings.SanDisk (SNDK) delivered 251% revenue growth and datacenter sales up 645%, with Goeckeler calling it a structural memory shortage lasting through 2028.Polymarket prices a 97% chance Micron beats tonight, but HBM3E allocation guidance through 2027 matters more than the headline EPS number.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.CJ Muse went on CNBC this morning and made the case that the memory cycle most investors are watching does not actually peak where they think it peaks. "The real takeaway for memory is that supply is going to be even tighter in 27 than 26," the Cantor Fitzgerald semiconductor analyst said, "and because of that you can actually think about earnings growth and not only 27 but also 28." That is the bullish framing investors will be testing against tonight's fiscal Q3 numbers from Micron Technology (NASDAQ:MU), which the company has confirmed will land after the close on June 24, 2026.24/7 Wall St.Why Muse is anchoring on 2028The Cantor argument is essentially a duration trade dressed up as a memory call. If hyperscaler compute demand keeps growing through 2029 and 2030, then DRAM and HBM supply, which takes years and tens of billions of dollars to add, simply cannot catch up in the window analysts currently model. Muse pointed to the gap between compute and memory multiples as the giveaway. "If you look at compute multiples memory multiples there's still significant upside," he said, "as long as you underwrite the demand for compute, not peaking in 28, but extending into 2930 and beyond."Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.The number doing the heavy work in Muse's framework is $200. "I think the bulls are thinking about $200 of earnings for micron next calendar year. And if that's right, you're talking about a stock trading at five times," he told CNBC, calling that a multiple he does not believe represents the right peak for the name. Micron closed Monday at $1,051.77. The stock is up 229% year to date and 717% over the past year. The VanEck Semiconductor ETF (NYSEARCA:SMH), for what it is worth, is on pace for its best first half since inception in 2000.What the last quarter already told usMU Earnings Explorer — 24/7 Wall St.Last quarter is the reason Muse can talk about this with a straight face. Micron's fiscal Q2 2026, reported March 18, 2026, delivered revenue of $23.86 billion against an $19.51 billion estimate, with non-GAAP EPS of $12.20 versus $9.31 expected. GAAP gross margin reached 74.4%, up from 36.8% a year earlier, and the company guided fiscal Q3 to $33.5 billion in revenue plus or minus $750 million with non-GAAP gross margin near 81%. You can read the full 8-K press release on the SEC's site.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info