Micron Technology projects FY2025 operating income above $14 billion driven by high-bandwidth memory contracts with U.S. hyperscalers

Micron’s earnings inflection stems from AI memory bandwidth bottlenecks rather than general demand recovery. Contracted HBM volumes and U.S. policy restrictions on Chinese capacity jointly create durable pricing power for the remaining Western supplier. The outcome tests whether memory, not logic, becomes the binding constraint on continued AI scaling.