Micron Beat-and-Raise Meets Capex, Cycle and Legal Risks

Micron's approximately $61.5 billion fiscal Q1 2027 outlook, sold-out HBM, customer prepayments and shortages potentially lasting through 2028 continue to support the bullish AI-memory thesis. A reported $600 million Netlist settlement, payable at $30 million quarterly over five years, reduces one litigation uncertainty but adds a material cash obligation; analyst target increases and the sharp rally leave valuation, future capacity and 2027 normalization as central risks.