Micron surprised us and the Street by providing robust guidance that suggests both Micron and the memory market are nearing a very shallow cyclical trough rather than the harsh wintery downturn some had projected.

While we believe forward expectations for memory fundamentals have indeed improved through the course of the quarter discounting the likelihood of a longer cyclical decline, management surprised us by providing guidance that anticipates stabilizing conditions in light of their bias towards conservatism.$Micron Technology(MU)$