Micron Q3 Beat Spurs Memory Chip Bull Case Over BTC

A roundtable of crypto YouTubers broadcast this week pointed to memory and chipmakers as the clearest bull market hiding in plain sight, while framing Bitcoin as a Q4 rotation candidate once equities digest a midterm-year correction. The group, hosted on NFA Live with Coin Bureau's Guy and Benjamin Cowen, argued the bid has moved downstream of the hyperscaler AI buildout rather than into digital assets.

Memory chipmaker Micron was the headline name. The company reported fiscal Q3 revenue of $41.5 billion against $35.5 billion expected, with earnings per share of $25 versus a $20.50 consensus. Management guided next quarter to roughly $50 billion in revenue and $31 in EPS, with the call highlighting that semi-autonomous vehicles use more than five times the memory of an average car, and humanoid robots could use roughly ten times that of advanced vehicles.

The panel also revisited the four-year Bitcoin cycle. The hosts pointed to the recurring pattern of all-time highs roughly 1,477 and 1,424 days apart, with all-time lows to all-time highs sitting around 365 days. Bitcoin recently traded near $61,000, with the 200-week moving average near $62K, the 250-week near $57K, and the 350-week near $47K framing downside levels if the cycle holds.

Why it matters

The argument rests on where hyperscaler capex is actually landing. Nvidia and Alphabet have come off recent highs while Micron, SanDisk and other memory names have ripped, suggesting the trade has rotated from the AI compute layer into the picks-and-shovels memory and storage suppliers downstream. Guy framed it as a boring, fundamentals-driven thesis that does not depend on AI spending accelerating forever, since vehicle and robotics demand keeps climbing even if hyperscaler budgets pause.

On Bitcoin, the panel treated the four-year cycle as still operational, with the traditional play of accumulating at the end of midterm years and exiting in Q4 of the post-halving year. Cowen suggested the time to sit out crypto ran from the end of last midterm year through roughly July, with deal-hunting to resume thereafter, and a potential rotation back into Bitcoin if equities correct in the back half of the year.

Market impact

Macro headwinds complicate the setup. The M2 money supply is climbing again after contracting through 2022, but the Fed faces a potential 60-40 to 65-35 split toward rate hikes at upcoming FOMC meetings, with the September tilt more hawkish. Berkshire Hathaway sits on roughly $347B to $400B in cash, stablecoin supply on DeFiLlama hit about $314B, and real disposable income just turned negative for the first time in roughly two and a half years, all of which the panel read as bottlenecks rather than immediate catalysts. The consensus across all three hosts: hold assets, keep a meaningful cash sleeve, and accept that time in the market beats trying to time the bottom.