Microsoft Earnings and Micron's "More Than Sold Out" Signal AI Demand Is Holding Across the Stack

Microsoft's FY2026 Q4 earnings on July 29 eased investor fears that AI spending outruns revenue. Micron separately jumped 12%, saying it was "more than sold out" for AI memory. Together, the two data points suggest demand for AI compute remains intact from components to cloud services. What remains unverified: specific revenue, EPS, and capex figures.