Mkt Cap $403B
P/E 16.9 fwd 3.6
52wk $61.54 - $471.34
Earnings beating
bearish for 1d | 15 signals · latest 5h ago | updated 9h ago
Bearish
n=61
Insider selling: $232,055,106 sold by 18 insiders (30d)
Est. revisions:
+94.1%
(24 up, 0 down in 30d)
Backed by structured data (insider trades, analyst ratings, or filings)
Q2 earnings beat, then memory-compression shock cuts 30%
structured data
saturated signal density
n=61
Factors:
+1.00 est. revisions
+0.13 momentum
+0.96 analyst
Watch: Q3 earnings in May must defend 68% gross margin and provide TurboQuant adoption timeline from top 4 customers; any margin miss or HBM price/volume cut confirms 2027 demand destruction and reignites $70B selloff.
Full analysis
Micron crushed Q2 with $23.86B revenue (+197% YoY) and $12.20 EPS, locking customers into multiyear HBM contracts through 2026 with 68% gross margin guidance. Trump called it "one of the hottest stocks." Within days, Google's TurboQuant algorithm—which cuts AI memory demand by 6x—triggered a 15% sector selloff and wiped $70B from Micron's market cap. Stock fell 27% from 52-week highs as investors pivoted from supply scarcity to demand compression risk. Geopolitical flares (Middle East, Taiwan Strait) amplified volatility, though sector rebounded 4% on March 31 as tensions eased. Management withheld full-year guidance, citing visibility constraints—a red flag on 2027 TAM durability despite locked 2026 contracts.
Micron's fortress (74.4% gross margins, HBM sold out through 2026, 8 insiders selling vs. 1 buying) now faces structural headwind: memory-efficiency algorithms could reduce HBM TAM by 50%+ by 2028, collapsing 2027 pricing and CapEx ROI. Consensus target spans $249–$750 (71% dispersion), reflecting genuine uncertainty on post-2026 demand cliff.
Position history (24d)
bull
bear
neutral
2026-03-05
2026-03-31
All 24 daily readings
2026-03-31
bearish · medium
12sig
2026-03-30
mixed · high
13sig
2026-03-29
bearish · high
13sig
2026-03-28
bearish · high
10sig
2026-03-27
bearish · high
11sig
2026-03-26
bearish · high
13sig
2026-03-25
bullish · medium
8sig
2026-03-24
bullish · medium
6sig
2026-03-23
bullish · medium
10sig
2026-03-22
bullish · medium
18sig
2026-03-20
bullish · medium
32sig
2026-03-19
bullish · high
17sig
2026-03-18
bullish · high
11sig
2026-03-17
bearish · medium
13sig
2026-03-16
mixed · medium
8sig
2026-03-15
bullish · high
3sig
2026-03-14
bullish · high
6sig
2026-03-13
bullish · high
6sig
2026-03-12
bullish · high
10sig
2026-03-11
bullish · medium
6sig
2026-03-10
mixed · medium
5sig
2026-03-09
bullish · medium
4sig
2026-03-08
bullish · medium
4sig
2026-03-05
bullish · medium
1sig
Get alerted when MU changes direction
Why We're Bearish
net 3.4
Estimate Revisions
+1.0
estimates +94.1% in 30d
Insider Activity
+0.0
net neutral
Price Momentum
+0.1
-22.0% 30d return
Analyst Revisions
+1.0
upgrades > downgrades
Narrative Gap
+0.5
news more bullish than data
Direction History
3/4 correct at 5 days
2026-03-18
bullish
-17.2%
✗
2026-03-16
bearish
-8.5%
✓
2026-03-15
bearish
-0.8%
✓
2026-03-10
bullish
+14.5%
✓
Related Stocks
Micron Technology, Inc.
Technology · Semiconductors
Mkt Cap
$403B
P/E
16.9 fwd 3.6
Beta
1.54
Div Yield
17.00%
52w Range
$61.54 - $471.34
Short Interest
29.4M 2.62%
Days to Cover
1.0 -5%
Technicals
downtrend
vs 20d MA
-19.9%
vs 50d MA
-20.4%
from 52w Hi
-30.3%
Vol (20d)
76%
1w return
-20.4%
1m return
-22.0%
3m return
+13.0%
Vol ratio
1.2x
Insiders
selling
1B / 14S
Analysts
mixed
Earnings
beating
8B / 0M
EPS Estimate
$18.91
+94.1% 30d
24up / 0dn
Est. Dispersion
72%
29 analysts
Analyst Target
$528
$249 - $750
Options P/C
0.74
24C / 14P unusual
Insider Cluster
strong sell
1B / 10S
Fund Convergence
strong
Citadel, D.E. Shaw, Renaissance, Two Sigma, Appaloosa
Financials
Revenue
$23.9B +196% YoY
FCF
$5.5B
Gross Margin
74%
Op Margin
68%
Momentum:
accelerating
Top Holders
Citadel
$6.7B
D.E. Shaw
$1.0B
Renaissance
$859M
Two Sigma
$666M
Appaloosa
$499M
Recent Filings & Data
insider trade
129
net selling
· $232,055,106 sold
· $7,821,723 bought
18 insiders · 129 transactions (30d)
Recent transactions
MEHROTRA SANJAY · sell · $2,712,866
SWAN ROBERT HOLMES · award
ARNZEN APRIL S · sell · $552,570
MEHROTRA SANJAY · other
SWAN ROBERT HOLMES · award
ARNZEN APRIL S · sell · $664,355
MEHROTRA SANJAY · exercise · $966,809
MEHROTRA SANJAY · sell · $5,220,619
MEHROTRA SANJAY · exercise · $1,043,400
MEHROTRA SANJAY · sell · $5,141,956
MEHROTRA SANJAY · exercise · $197,400
MEHROTRA SANJAY · sell · $882,951
MEHROTRA SANJAY · sell · $924,976
MEHROTRA SANJAY · sell · $893,618
MEHROTRA SANJAY · sell · $860,209
BOKAN MICHAEL W · sell · $1,851,300
SADANA SUMIT · sell · $7,243,437
SADANA SUMIT · exercise · $583,128
BHATIA MANISH H · sell · $4,914,178
MEHROTRA SANJAY · sell · $842,208
BHATIA MANISH H · exercise · $2,215,855
BHATIA MANISH H · sell · $6,354,320
DEBOER SCOTT J. · sell · $4,412,400
MEHROTRA SANJAY · sell · $804,104
BOKAN MICHAEL W · sell · $1,733,250
MEHROTRA SANJAY · sell · $783,540
MEHROTRA SANJAY · sell · $844,920
MEHROTRA SANJAY · sell · $858,171
MEHROTRA SANJAY · sell · $6,704,665
ARNZEN APRIL S · sell · $583,377
MEHROTRA SANJAY · sell · $6,239,313
MEHROTRA SANJAY · sell · $5,753,628
MEHROTRA SANJAY · sell · $5,169,449
SWAN ROBERT HOLMES · award
SADANA SUMIT · sell · $10,747,266
RAY MICHAEL CHARLES · sell · $5,025,987
BHATIA MANISH H · sell · $10,410,771
ALLEN SCOTT R · other
LIU TEYIN MARK · buy · $7,821,723
ALLEN SCOTT R · sell · $675,000
ARNZEN APRIL S · other
ARNZEN APRIL S · sell · $4,156,350
GOMO STEVEN J · sell · $1,318,150
MEHROTRA SANJAY · sell · $2,987,009
SADANA SUMIT · other
MURPHY MARK J · sell · $28,389,111
MEHROTRA SANJAY · sell · $5,130,731
MEHROTRA SANJAY · other
MEHROTRA SANJAY · other
DEBOER SCOTT J. · sell · $18,270,420
MEHROTRA SANJAY · sell · $4,966,229
MEHROTRA SANJAY · sell · $4,592,228
ALLEN SCOTT R · sell · $1,848,176
RAY MICHAEL CHARLES · sell · $742,384
SIMONS ANNA CHRISTINE · award
LIU TEYIN MARK · award
ARNZEN APRIL S · award
ALLEN SCOTT R · award
RAY MICHAEL CHARLES · award
BHATIA MANISH H · award
MEHROTRA SANJAY · award
CORDANO MICHAEL D · award
GOMO STEVEN J · award
MCCARTHY MARY PAT · award
DEBOER SCOTT J. · award
SADANA SUMIT · award
MURPHY MARK J · award
DUGLE LYNN A · award
BEYER RICHARD M · award
DEBOER SCOTT J. · other
ARNZEN APRIL S · other
MEHROTRA SANJAY · other
MURPHY MARK J · other
SADANA SUMIT · other
BHATIA MANISH H · other
MEHROTRA SANJAY · sell · $7,142,621
ARNZEN APRIL S · sell · $2,460,600
BEYER RICHARD M · sell · $864,335
MEHROTRA SANJAY · sell · $2,442,559
MEHROTRA SANJAY · sell · $1,187,514
MEHROTRA SANJAY · sell · $2,196,429
MEHROTRA SANJAY · sell · $981,212
MCCARTHY MARY PAT · sell · $278,071
MURPHY MARK J · sell · $3,716,823
ALLEN SCOTT R · other
MCCARTHY MARY PAT · sell · $291,562
BHATIA MANISH H · sell · $9,852,800
SADANA SUMIT · sell · $11,625,143
GOMO STEVEN J · sell · $876,050
ARNZEN APRIL S · sell · $1,876,800
DEBOER SCOTT J. · sell · $2,502,200
MEHROTRA SANJAY · sell · $907,730
MEHROTRA SANJAY · sell · $830,089
DEBOER SCOTT J. · sell · $2,200,000
MCCARTHY MARY PAT · sell · $192,320
ARNZEN APRIL S · sell · $1,442,700
RAY MICHAEL CHARLES · sell · $652,500
SIMONS ANNA CHRISTINE · award
LIU TEYIN MARK · award
MCCARTHY MARY PAT · sell · $223,393
MEHROTRA SANJAY · sell · $784,986
DEBOER SCOTT J. · sell · $2,304,700
MEHROTRA SANJAY · other
ALLEN SCOTT R · sell · $508,800
SWAN ROBERT HOLMES · award
ARNZEN APRIL S · sell · $416,677
BOKAN MICHAEL W · sell · $1,090,300
ALLEN SCOTT R · other
ARNZEN APRIL S · award
ALLEN SCOTT R · award
RAY MICHAEL CHARLES · award
BHATIA MANISH H · award
BOKAN MICHAEL W · award
SWITZ ROBERT E · award
MEHROTRA SANJAY · award
SWAN ROBERT HOLMES · award
GOMO STEVEN J · award
MCCARTHY MARY PAT · award
DEBOER SCOTT J. · award
SADANA SUMIT · award
MURPHY MARK J · award
BEYER RICHARD M · award
DEBOER SCOTT J. · other
ARNZEN APRIL S · other
MEHROTRA SANJAY · other
MURPHY MARK J · other
SADANA SUMIT · other
BOKAN MICHAEL W · other
BHATIA MANISH H · other
earnings
8
EPS 1.56 (est 1.42477) · +0.1%
EPS 1.91 (est 1.59495) · +0.2%
EPS 3.03 (est 2.86023) · +0.1%
EPS 4.78 (est 3.96005) · +0.2%
EPS 4.78 (est 3.96409) · +0.2%
3 more
transcript
5
2026Q1
· 8161 words
read transcript
Operator (Operator): Thank you for standing by. Welcome to Micron Technology, Inc.'s First Quarter 2026 Financial Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. If your question has been answered and you would like to remove yourself from the queue, please press the pound key. As a reminder, today's program is being recorded. And now I would like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.
Satya Kumar (Investor Relations): Thank you, and welcome to Micron Technology, Inc.'s fiscal first quarter 2026 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO, and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call. Today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, as well as trends and expectations in our business, contractual terms, market, industry, products, and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these. Please refer to our most recent financial reports on Forms 10-K, Forms 10-Q, and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. I will now turn the call over to Sanjay.
Sanjay Mehrotra (CEO): Thank you, Satya. Micron Technology, Inc. had an outstanding start to fiscal 2026, delivering fiscal Q1 revenue, gross margin, and EPS well above the high end of our guidance. This financial performance was driven by our strong execution across end markets and products in a tight supply environment. We achieved a number of records in fiscal Q1. Total company revenue, DRAM and NAND revenue, as well as HBM and data center revenue, and revenue in each of our business units also reached new records. We have completed agreements on price and volume for our entire calendar 2026 HBM supply, including Micron's industry-leading HBM4. We forecast an HBM TAM CAGR of approximately 40% through calendar 2028, from approximately $35 billion in 2025 to around $100 billion in 2028. This $100 billion HBM TAM milestone is now projected to arrive two years earlier than in our prior outlook. Remarkably, this 2028 HBM TAM projection is larger than the size of the entire DRAM market in calendar 2024. We are excited about our customized HBM4E customer engagements, which offer further differentiation opportunities to us, and we continue to make excellent progress on our HBM roadmap. Memory is now essential to AI cognitive functions, fundamentally altering its role from a system component to a strategic asset that dictates product performance from data center to the edge. This structural shift means that system capabilities heavily rely on advanced memory for real-time contextual processing, which is vital for achieving autonomous and intelligent behaviors in AI data centers as well as in applications ranging from self-driving cars to advanced medical diagnostics. With our technology leadership, differentiated product portfolio, strong operational execution, and solid balance sheet, Micron Technology, Inc. is in the best competitive position in its history and is one of the semiconductor industry's biggest enablers of AI. We anticipate substantial new records in revenue, gross margin, EPS, and free cash flow for both the second quarter and the full fiscal year 2026, and we expect our business performance to continue to strengthen through the year. Sustained and strong industry demand, along with supply constraints, are contributing to tight market conditions, and we expect these conditions to persist beyond calendar 2026. We are making progress with customers in our multiyear contracts with specific commitments. Simultaneously, we are focused on maximizing our production output from our current footprint, ramping our industry-leading technology nodes, and investing in new clean room space to add to our supply capability. Micron Technology, Inc.'s technology leadership is foundational to our strong competitive position. Micron Technology, Inc. has led the industry for four consecutive technology nodes in DRAM and three nodes in NAND with progressively faster yield ramps in every node. Our 1-gamma DRAM node
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2025Q4
· 7447 words
read transcript
Operator (Operator): Thank you for standing by, and welcome to Micron Technology's Fiscal Fourth Quarter 2025 Financial Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, please press star 11 again. I would now like to hand the call over to Satya Kumar, Investor Relations. Please go ahead.
Satya Kumar (Investor Relations): Thank you, and welcome to Micron Technology's fiscal fourth quarter 2025 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman and President and CEO, and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with prepared remarks for this call. Today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, including our guidance as well as trends and expectations in our business, market, industry, and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. I'll now turn the call over to Sanjay.
Sanjay Mehrotra (Chairman, President and CEO): Thank you, Satya. Good afternoon, everyone. Micron had an outstanding finish to fiscal 2025, delivering fiscal Q4 revenue, gross margin, and EPS all above the high end of our updated guidance ranges, driven by pricing execution and strong performance across end markets. We achieved record revenue in Q4. In our March 2024 earnings call, we said that we expect Micron to be one of the biggest beneficiaries of AI in the semiconductor industry and that we expect to deliver record revenue and significantly improve profitability in fiscal 2025. I'm pleased to report that in fiscal 2025, Micron's revenue grew nearly 50% to a record $37.4 billion, and gross margins expanded by 17 percentage points to 41%. This performance was supported by the ramp of our high-value data center products and our broad-based DRAM pricing strength across end markets. The combined revenue from HBM, high-capacity DIMMs, and LP server DRAM reached $10 billion, more than a fivefold increase compared to the prior fiscal year. Our data center SSD business reached record revenue and market share in fiscal 2025. I want to thank our global Micron team for their focus and execution, which made these results possible. As we enter fiscal 2026, Micron is positioned better than ever. Our leadership in advanced technologies, including HBM, one gamma DRAM, and g9 NAND, enables a differentiated product portfolio that drives strong ROI. AI-driven demand is accelerating, and industry DRAM supply is tight. Our HBM performance has been strong, and robust demand, tight DRAM supply, and disciplined execution have significantly strengthened the profitability of the rest of our DRAM portfolio. In NAND, our higher mix to data center and improving industry conditions are contributing to profitability. Our fiscal Q1 guidance reflects new records for revenue and EPS. In addition to being a demand driver, AI is also a powerful productivity driver for Micron, contributing to our strong competitive position and financial performance. We are using AI throughout the company across product design, technology development, manufacturing, and other functional growth. We have seen strong adoption and as much as a 30 to 40% productivity uplift in select GenAI use cases such as code generation. In design simulation, AI is accelerating our silicon to systems design cycle to advance modeling and reduce iterations. In manufacturing, we have driven a fivefold increase in wafer images analyzed in the past year and doubled the amount of useful data and telemetry collected and analyzed from our fab tools, all of which improve our yield performance. These AI capabilities enable us to achieve superior product specifications, quality, and time to market at scale. Turning to technology and operations, we are proud to announce that our one gamma DRAM node reached mature yields in record time, 50% faster than in the prior generation. We are the first in the industry to ship one gamma DRAM and will leverage one gamma across our entire DRAM portfolio to maximi
... [transcript truncated at 5,000 chars — full text available via API]
2025Q3
· 6654 words
read transcript
Satya Kumar (Investor Relations): Thank you, and welcome to Micron Technology's Fiscal Third Quarter 2025 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call. Before we begin, let me remind everyone that today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, including our guidance as well as trends and expectations in our business, market, industry and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on these risks and uncertainties that could cause actual results to differ materially from expectations. Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X, and YouTube. I'll now turn the call over to Sanjay.
Sanjay Mehrotra (Chairman, President and CEO): Thank you, Satya. Good afternoon, everyone. Micron's strong competitive position and solid execution delivered record revenue in fiscal Q3 with revenue, gross margin, and EPS all exceeding the high end of our guidance ranges. Data center revenue more than doubled year-over-year and reached a record level, and consumer-oriented markets had strong sequential growth. We generated substantial free cash flow in the quarter, even as we continue to make strategic investments critical to sustain long-term growth. I'm thankful to all our Micron team members for their focus and execution, which made these results possible. In fiscal Q3, DRAM revenue reached a new record driven by nearly 50% sequential growth in HBM revenue. We remain the sole supplier in volume production of LPDRAM in the data center. In NAND, we achieved a new quarterly record for market share across data center SSDs as well as client SSDs in calendar Q1. For the first time ever, during calendar Q1, Micron has become the number two brand by share in data center SSDs according to third-party data. Looking ahead to fiscal Q4, we see a robust demand environment and expect to grow revenue by 15% sequentially to a record $10.7 billion at the guidance midpoint. In June, we completed a strategic reorganization of our business units around key market segments to capitalize on the tremendous AI growth opportunity ahead. As high-performance memory and storage becomes increasingly critical to enabling AI-driven innovation, this new structure enhances Micron's ability to engage more deeply with customers by shifting more resources to AI-focused opportunities across our portfolio. We are making excellent progress on our 1-gamma DRAM technology node with yields ramping ahead of the record pace we achieved on our 1-beta node. We completed several key product milestones during the quarter, including the first qualification sample shipments of 1-gamma based LP5 DRAM. Micron 1-gamma DRAM leverages EUV, and the node provides a 30% improvement in bit density, more than 20% lower power, and up to 15% higher performance compared to 1-beta DRAM. We will leverage 1-gamma across our entire DRAM product portfolio to benefit from this leadership technology. In NAND, we reached a record-high mix of QLC bits in the quarter. We started qualifications for new high-performance SSD products based on our G9 2-terabit QLC NAND, and we continue to ramp our G9 node at a pace consistent with demand. We are making disciplined investments in our global operations network to add to supply in line with demand over time. Two weeks ago, with support from the Trump administration, Micron announced plans to invest approximately $200 billion in the U.S., which includes $150 billion in manufacturing and $50 billion in R&D over the next 20-plus years. As part of this $200 billion investment plan, Micron plans to invest an additional $30 billion beyond previously announced plans, which includes building a second leading-edge memory fab in Boise, Idaho; expanding and modernizing our existing fab in Manassas, Virginia, serving the automotive, aerospace, defense, and industrial markets; and bringing advanced packaging capabilities to the U.S. to support our long-term HBM growth plans after w
... [transcript truncated at 5,000 chars — full text available via API]
2025Q2
· 7238 words
read transcript
Satya Kumar (Corporate Vice President, Investor Relations and Treasury): Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2025 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with prepared remarks for this call. Today's discussion of financial results is presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, including demand for our products, our market share, market pricing and cost trends and drivers, our plans for manufacturing, the impact of developing technologies such as AI, product ramp plans, technologies and market position, expected capabilities of our future products, our planned investments and expenditures, our expected results and guidance, regulatory matters and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to documents we file with the SEC, including our Form 10-K, Forms 10-Q and other reports and filings for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to confirm these statements to actual results. I will now turn the call over to Sanjay.
Sanjay Mehrotra (Chairman, President and CEO): Thank you, Satya. Good afternoon, everyone. Micron is in the best competitive position in our history, and we are achieving share gains across high-margin product categories in our industry. Our strong product momentum has enabled us to build deeper customer relationships, and Micron's industry-leading products are now more firmly entrenched in our customers' high-value product roadmaps. In fiscal Q2, data center DRAM revenue reached a new record. HBM revenue grew more than 50% sequentially to a new milestone of over $1 billion of quarterly revenue. Our HBM shipments were ahead of our plans, demonstrating strong execution of our ongoing ramp. The combination of our revenue from high-capacity DRAM modules and our industry-leading LPDRAM for the data center also exceeded the $1 billion milestone for the quarter. Micron remains the only company in the world to ship low-power DRAM into the data center in high volume, showcasing our pioneering innovation and deep partnership with our customers for differentiated solutions. As we build on this momentum, we expect fiscal Q3 revenue to be another record for Micron, driven by shipment growth across both DRAM and NAND. We see the combination of AI data center demand and the ramp of HBM and its associated trade ratio contributing to tightness at the leading edge and constraining non-HBM DRAM supply. We expect supply actions announced by NAND companies to improve the dynamics in the NAND market. Micron's 1-beta DRAM technology leads the industry, and we are extending our leadership with the launch of our 1-gamma node and the industry's first shipments of 1-gamma-based D5 products last month. Micron's 1-gamma is our first DRAM node incorporating EUV, and we have achieved 20% lower power, 15% better performance, and over 30% improvement in bit density compared to our 1-beta DRAM. Micron's leading-edge Gen9 NAND technology node delivers the industry's fastest TLC-based NAND, and we are managing the ramp of this node, mindful of the supply-demand balance in the industry. Micron continues to make disciplined investments that position us to capitalize on the significant growth opportunities driven by AI. We are focused on growing HBM capacity in our existing manufacturing facilities to meet requirements through 2026. In January, we broke ground on an HBM advanced packaging facility in Singapore. This investment allows us to meaningfully expand our total advanced packaging capacity beginning in calendar 2027. Our new DRAM fab construction in Idaho completed an important construction milestone that enabled the receipt of the first disbursement of funding from our CHIPS grant for the project during the quarter. This new Idaho fab will provide meaningful DRAM output starting in fiscal 2027. Turning to our end markets. D
... [transcript truncated at 5,000 chars — full text available via API]
2025Q1
· 3472 words
read transcript
Operator (Operator): Thank you for standing by, and welcome to Micron's Post Earnings Analyst Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. As a reminder, today's program is being recorded. And now, I would like to introduce your host for today's program, Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Please go ahead, sir.
Satya Kumar (Corporate Vice President, Investor Relations and Treasury): Yeah. Thank you, Jonathan, and thank you. And welcome to Micron Technology's Fiscal First Quarter 2025 Post Earnings Analyst Call. Joining me today are Sumit Sadana, Micron's Chief Business Officer; Manish Bhatia, EVP of Global Operations; and Mark Murphy, our CFO. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market trends and drivers, and our expected results and guidance and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to documents we have filed with the SEC, including our most recent Form 10-Q and upcoming 10-Q for a discussion of risks that may affect our results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, and achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. We can now open the call to Q&A.
Operator (Operator): Certainly. And our first question for today comes from the line of Harlan Sur from JPMorgan. Your question, please.
Harlan Sur (Analyst at JPMorgan): Hello. Thanks for hosting this call. I've got two questions. On the 100 basis point decline in gross margin in Q2, as you mentioned, it's almost all NAND related mixed, pricing, lower shipments. But qualitatively, what are you anticipating for DRAM pricing? You talked about positive mix impacts, HVM, server DRAM, partially offset by weak commodity pricing. So is blended DRAM pricing going up sequentially in Q2?
Sumit Sadana (Chief Business Officer): Yeah. I think we don't really guide for pricing. We have given you a lot of data points that can help you in your modeling, but we are not going to provide guidance on the actual pricing expectation for competitive reasons. The overall set of comments you heard in the prepared remarks and the comments Sanjay and Mark made indicate that the mix improvement continues on a good trajectory. HBM growth continues on a good trajectory. Data center overall revenue trajectory is robust. While we do have some near-term moderation in data center SSD after a lot of growth in the past quarters, the overall data center revenue trajectory remains very robust, and we expect that to underpin our performance through fiscal and calendar 2025. So those are the positives. We spoke about the near-term issues related to market environment, seasonality, and NAND-related challenges. The mix and data center growth, along with overall DRAM robust results, are what is helping us ensure that the margin for the rest of Q2 is still fairly similar to what we have in FQ1, with only a 100 basis point delta despite some of the headwinds we mentioned.
Harlan Sur (Analyst at JPMorgan): That's helpful. To follow-up, one of the big Micron-specific inflections has been the strong increase in your enterprise and data center SSD share. You guys have always been strong in SATA. In mainstream PCIe and NVMe, you've gone from 3% to 5% market share in calendar '21 to 10% to 12% exiting last year. In Q3, your share was around 14%, which grew sequentially again in fiscal Q1. So my guess is $1.1 billion to $1.2 billion of data center SSD, which is about 65% of your overall NAND business. You guys are now the number two or number three market share leader. I know enterprise SSD can be lumpy, and that's impacting Q2. But do you expect sequential re-acceleration in data center SSD in fiscal Q3 and just overall growth in the data center SSD business for fiscal '25 and calendar '25 because AI demand pull for those products is strong?
Sumit Sadana (Chief Business Officer): Yeah. You laid it out really well. We have made tremendous progress in our data center SSD business over the years. This has been an area we've been investing in for five to seven years now, and we have seen a rejuvenation in our product portfolio with industry-leading products. For instance, we have 30 terabyte and 60 terabyte SSDs. The first PCIe Gen5 60 terabyte SSD is on the market, and the 9550 is the fastest SSD in the world. There are lots of amazing products that have enabled us to achieve solid performance, with several quarters of record-setting revenue and market share performance. Looking ahead, beyond the lumpiness you mentioned, we expect a growth in
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Ro Khanna (Democrat-CA) sell $1K-$15K of MU
Ro Khanna (Democrat-CA) sell $1K-$15K of MU
Ro Khanna (Democrat-CA) sell $1K-$15K of MU
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