Cantor’s CJ Muse Says a 2027 Memory Squeeze Could Power Micron’s Earnings Through 2028

CJ Muse went connected CNBC this greeting and made the lawsuit that the representation rhythm astir investors are watching does not really highest wherever they deliberation it peaks. "The existent takeaway for representation is that proviso is going to beryllium adjacent tighter successful 27 than 26," the Cantor Fitzgerald semiconductor expert said, "and due to the fact that of that you tin really deliberation astir net maturation and not lone 27 but besides 28." That is the bullish framing investors volition beryllium investigating against tonight's fiscal Q3 numbers from Micron Technology (NASDAQ:MU), which the institution has confirmed volition onshore aft the adjacent connected June 24, 2026.

Why Muse is anchoring connected 2028

The Cantor statement is fundamentally a duration commercialized dressed up arsenic a representation call. If hyperscaler compute request keeps increasing done 2029 and 2030, past DRAM and HBM supply, which takes years and tens of billions of dollars to add, simply cannot drawback up successful the model analysts presently model. Muse pointed to the spread betwixt compute and representation multiples arsenic the giveaway. "If you look astatine compute multiples representation multiples there's inactive important upside," helium said, "as agelong arsenic you underwrite the request for compute, not peaking successful 28, but extending into 2930 and beyond."

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The fig doing the dense enactment successful Muse's model is $200. "I deliberation the bulls are reasoning astir $200 of net for micron adjacent calendar year. And if that's right, you're talking astir a banal trading astatine 5 times," helium told CNBC, calling that a aggregate helium does not judge represents the close highest for the name. Micron closed Monday astatine $1,051.77. The banal is up 229% twelvemonth to day and 717% implicit the past year. The VanEck Semiconductor ETF (NYSEARCA:SMH), for what it is worth, is connected gait for its champion archetypal fractional since inception successful 2000.

What the past 4th already told america

Last 4th is the crushed Muse tin speech astir this with a consecutive face. Micron's fiscal Q2 2026, reported March 18, 2026, delivered gross of $23.86 cardinal against an $19.51 cardinal estimate, with non-GAAP EPS of $12.20 versus $9.31 expected. GAAP gross borderline reached 74.4%, up from 36.8% a twelvemonth earlier, and the institution guided fiscal Q3 to $33.5 cardinal successful gross positive oregon minus $750 cardinal with non-GAAP gross borderline adjacent 81%. You tin work the afloat 8-K property merchandise connected the SEC's site.