[Micron's latest quarterly revenue hit $4.0B with net margins at 59.9%](https://www.cnbc.com/2026/07/08/stocks-making-the-biggest-moves-premarket-ual-mu-cvx.html)—but that's the rear-view. The real signal: (https://www.cnbc.com/2026/07/08/weekly-mortgage-demand-drops-as-rates-remain-stuck-in-a-narrow-range.html) while the 10Y sits 36bp above the 2Y, which historically precedes consumer credit stress. Tom Lee's "buy the dip" thesis assumes capex budgets stay intact.

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