Micron's sold-out HBM books and 81% gross margins make the June 24 earnings report its biggest test yet

Micron Technology reports fiscal Q3 2026 earnings on June 24 with its entire year's HBM production sold out under multi-year contracts and gross margins guided near 81%, a combination that makes this one of the most consequential prints in the company's history. Analysts forecast $34.5 billion in revenue and $19.72 EPS, but the real debate is whether Micron's locked-in contract structure signals a durable AI infrastructure supercycle or peak demand priced into a stock already up 70% in 2026.