But TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, was looking beyond the Micron earnings to the companies that are going to benefit from Micron's success.
"I'm surprised there's not more read-through from this amazing quarter," Cramer said on CNBC's "Stop Trading" segment. He noted Micron's management said on the conference call the company would have problems meeting demand.
Which companies profit?
The supply-demand cycle will eventually destroy itself and hurt these companies, but we're a long ways away from that point, Cramer explained. Until now, Applied Materials, ASML and Lam all deserve to trade higher, he concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.