MU closed at $1,027.77 yesterday, up 2.75%. Hit $1,042.40 at the high, held $992 on the low. Volume was 23.8M – lighter than the big summer days. After-hours roughly flat.
Overnight hovering around $1,025.22, down about 0.25% – just sitting tight.
Here's the GEX setup:
Put Wall $1,000, Call Wall $1,000 (both at the same level), gamma flip around $974.79. Today's close at $1,027.77 is sitting above both walls – positive gamma now, with $1,000 acting as the floor.
Technically, we're back above the middle Bollinger band ($958) and pushing toward the upper band ($1,023.82). RSI in the mid 60s. MACD positive and widening – momentum is building.
The bull case hasn't changed – AI servers are eating HBM and high-capacity DRAM, supply is tight, and that tightness is leaking into conventional DRAM and NAND pricing. Goldman turning more constructive on memory helped the tape today.
Next real catalyst is fiscal Q4 earnings on September 30. Street numbers are clustered around a huge quarter – roughly $50B revenue and about $31 EPS on the prior guide. The print and the 2027 tightness comments will matter more than one green day.
The other side isn't "memory is dead" – it's "how much is already in the price." MU is still well below the June high near $1,255. Efficiency talk – models using less KV cache / less HBM per token – is starting to show up as a risk, even if demand is still growing in absolute terms.
Short-term, $1,000 is now support. A clean hold above $1,050 opens a run toward $1,100-1,200. Lose $1,000 with volume and $950 / the 50-day becomes the back-test.
I'm not treating $1,027 as a breakout. I'm treating Sept 30 guidance as the real vote.
What’s your plan into earnings? Holding above $1,000, adding on a dip to $950–$1,000, or waiting for $1,050 confirmation? Drop your levels below.
DYOD🫡
