By Hillary Remy
Publication Date: 2026-09-19 01:17:00
Micron Technology (MU) is about to face its biggest test of the year. The company did not have to say a word to give investors a preview of what is coming — two of its most important neighbors in the memory supply chain already did the talking.
When a company reports fiscal fourth-quarter results on Sept. 30 against a backdrop of record memory prices, comments from customers and rivals sitting on either side of it carry almost as much weight as the firm’s own guidance.
What Nvidia’s earnings call revealed about memory
Nvidia’s (NVDA) own numbers set the tone.
On its fiscal second-quarter earnings call on Aug. 26, CFO Colette Kress told investors the company is seeing “extreme pricing conditions in memory,” adding that “the magnitude of the price increase has exceeded our prior expectations and [is] headed even higher into next year,” CNBC reported.
That pricing pressure is already showing up in Nvidia’s margins. Kress guided gross margin to bottom out in the 71% to 72% range in the fourth quarter before recovering to 72% to 73% in fiscal 2028, once Nvidia’s own repriced products begin offsetting higher input costs, according to Yahoo Finance.
More Nvidia:
Kress also framed the squeeze in a way that points directly to Micron’s opportunity.
“Memory scarcity today is being driven in large part by the AI buildout itself,” she said, describing the tight supply not as a headwind to…
