Is Micron’s earnings report truly bullish for the overall market? I’m not so certain

Like everyone, I thought micron’s earnings beat and guidance yesterday was incredible. My initial thought was the report was very bullish for overall tech. Thinking over the results though, I’m having second thoughts. Mag7 stocks have recently struggled, likely due to concerns over the extent of their ai spend. Micron’s report indicates they’ve substantially increased memory prices and will continue to do so. This will only further fuel mag7 overspending concerns. And just today, both Apple and Microsoft announced substantial consumer product price increases because of rising memory costs, which will certainly hurt sales volume. The memory costs are now starting to eat into the earnings of mag7’s core businesses. Again, not bullish. Markets are holding at or near all time highs for the moment despite the mag7 struggles. But if mag7 continues to decline due to rising ai input costs, I’m not so sure the markets can continue to hang on given how large these mag7 companies are.