Find XO: Micron's Income Statement Proves the Memory Supercycle; Now Chip Prices Determine AI Costs (ft.com)

- Micron has forecast a record high with approximately $33.5 billion in revenue and an 81% non-GAAP gross margin for the third quarter of fiscal year 2026. - HBM grew from less than 5% of DRAM sales in 2022 to over 30% in 2026, with only three manufacturers producing it at scale. - If you planned pricing and margins assuming the model price list would remain the same, it's time to reconsider. - Set the upper limit of inference cost that a single AI feature can bear, and list in order what to adjust first if it's exceeded.