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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (94050)	3/20/2025 5:30:42 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95353

March 20 (Reuters) - Micron Technology Inc ( MU ): * MICRON TECHNOLOGY INC OUTLOOK Q3 CAPEX TO BE OVER $3 BILLION * MICRON TECHNOLOGY INC FORECAST GROWTH IN DRAM AND NAND BIT SHIPMENTS IN FQ3- PREPARED REMARKS * MICRON TECHNOLOGY INC ( MU ): CAPEX PROJECTION FOR FISCAL 2025 REMAINS APPROXIMATELY $14 BILLION * MICRON TECHNOLOGY INC ( MU ) -EXPECT DAYS OF INVENTORY TO DECREASE IN THIRD FISCAL QUARTER ON HIGHER BIT SHIPMENTS * MICRON TECHNOLOGY INC ( MU ): IMPACTS FROM POTENTIAL NEW TARIFFS ARE NOT INCLUDED IN OUR GUIDANCE Further company coverage:

To: Sam who wrote (94050)	3/21/2025 9:49:02 AM
From: Elroy	2 Recommendations Recommended By Kirk © Return to Sender Read Replies (1) \| Respond to of 95353

Lotsa questions on the gross margins in the call. They said they're going down next quarter for a variety of reasons. One is because consumer product memory - particularly cell phones, but also PCs - are going up a lot next quarter. There is a high NAND content in consumer products, and it sounds like NAND gross margins are well below DRAM and HBM gross margins, so NAND sales up = gross margins down. They also indicated underutilization of NAND production space is/was an issue. In NAND, we continue to underutilize our fabs, and our wafer output is down mid-teens percentage from prior levels. We plan to reuse a portion of our underutilized NAND equipment to support capital efficient conversions to leading-edge nodes. This strategy results in over 10% structural reduction of NAND wafer capacity exiting fiscal 2025 compared to levels exiting fiscal 2024. We forecast sequentially lower fiscal Q3 gross margin, which includes the effects of higher consumer-oriented volumes. NAND underutilization continues to weigh on gross margins.