Category Market Outlook

Nvidia is sitting at three-month highs on a thesis that needs basically everything to go right for the next two years. Morgan Stanley just told you to buy it anyway.

Micron printed $54 billion in revenue last quarter. Nearly 4x year-over-year. Net profit up more than 10x. Guidance well above consensus. Management said supply and demand in the memory market would stay tight through 2028.

Micron reports after the close tonight. Normally I wouldn’t build an entire email around a single earnings print, but this one lands at a spot where two things line up in a way that doesn’t happen often: a real question…