Micron says roughly 40% of revenue, once supply agreements are completed, will come from contracts signed at fixed prices or price caps near current levels; those contracts include price floors, which Micron says will push gross margins "well above" prior cycle peaks. Futurum's chief market strategist said this is strong evidence for a memory supercycle but cautioned he would not permanently value Micron solely on annualized gross-margin peaks, adding the correct read is not that cyclicality has

Micron says roughly 40% of revenue, once supply agreements are completed, will come from contracts signed at fixed prices or price caps near current levels; those contracts include price floors, which Micron says will push gross margins "well above" prior cycle peaks. Futurum's chief market strategist said this is strong evidence for a memory supercycle but cautioned he would not permanently value Micron solely on annualized gross-margin peaks, adding the correct read is not that cyclicality has disappeared but that normalized profitability may have risen materially and the next downturn could be more protected than investors previously expected.