Micron Technology Inc. reports earnings after the closing bell on Wednesday, and the results may matter just as much for Nvidia Corp. investors because Micron has become one of the most important suppliers in the artificial intelligence supply chain. Wall Street will watch revenue, earnings and guidance, but investors may pay closer attention to commentary surrounding high-bandwidth memory (HBM), a critical component inside modern AI servers that works alongside Nvidia’s AI accelerators. Investors are looking for clues about whether Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. are still spending aggressively on AI infrastructure. Strong HBM demand, improving pricing and bullish commentary about future orders would suggest hyperscale customers continue to invest heavily in AI data centers, which would be welcome news for Nvidia. Any signs of slowing demand could raise questions about whether the AI buildout is moderating. Micron’s management team has a unique vantage point into Wall Street’s most important themes, making Wednesday’s earnings report a potential real-time check on the health of the broader AI spending boom.