Micron (MU) shares are up over 500% year-over-year heading into Wednesday's earnings after investors saw upside in AI memory supply shortages. Paul Meeks believes the earnings will be great but points to guidance as the key question mark due to cyclicality concerns surrounding it and other peers like SanDisk (SNDK). That said, Micron's P/E ratio compared to the S&P 500 (SPX) is something Paul sees as a bullish opportunity so long as the profit roadmap remains clear. Tom White turns to an example options trade for Micron.