Micron just printed 84.9% gross margin. higher than Nvidia. am I reading this right?

ok so I pulled up Micron's latest numbers on moomoo this morning and had to double check I wasn't looking at the wrong row.

revenue $41.46B, up from $23.86B last quarter and $9.30B a year ago. GAAP net income $28.24B, like 1,398% YoY. but the part that broke my brain is the adjusted gross margin sitting at 84.9%. last quarter was 74.9, year ago was 39. for context Nvidia is around 75.

memory used to be the boring commodity cousin of the AI trade. now MU is printing better margins than the company everyone won't shut up about.

the cascade angle is what I keep chewing on. if NAND and DRAM pricing is actually this hot, the equipment guys upstream (ASML, LRCX, AMAT, KLAC) should keep eating, and SK Hynix and Samsung are presumably running the same playbook. then downstream you've got NVDA, AMD, MSFT, AMZN, AAPL, SMCI, DELL all locked into long term supply deals which is supposed to give MU a floor.

the part I'm skeptical on is whether those long term agreements actually hold when the cycle rolls over. memory has burned everyone before. capex from the hyperscalers is the whole thesis right now and that can turn fast.

am I being too cynical or is this just the new normal until AI capex blinks? anyone here trimmed MU into this or still adding