Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. </li>
<li>Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.</li>
<li>Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. </li>
</ul>


Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 


Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

<ul>
<li>SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market</li>
<li>That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner...</li>
<li>Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo</li>
</ul>


SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market
That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner...
Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo


HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Micron Technology's recent earnings provided insights into its performance and strategic outlook.</li><li>The company appears to be navigating industry dynamics effectively, particularly within the NAND and DRAM markets.</li><li>The call highlighted several critical areas of development and potential challenges facing Micron.</li></ul>

Micron Technology's recent earnings provided insights into its performance and strategic outlook.The company appears to be navigating industry dynamics effectively, particularly within the NAND and DRAM markets.The call highlighted several critical areas of development and potential challenges facing Micron.

Micron Unveils Game-Changing 1-Gamma Node Expansion to Slash Costs & Boost Output; What Lies Ahead?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Micron delivered a blowout Q4, with $11.3B revenue and $3.03 EPS, led by DRAM’s 27% QoQ growth and an HBM3E run-rate nearing $8B.</li>
<li>Data centre accounted for 56% of FY2025 sales, driven by LPDDR5 shipments for Nvidia’s GB chips and early HBM4 sampling.</li>
<li>Management sees 2026 as a tight DRAM supply environment by design, with slower node transitions and deliberate capacity discipline supporting pricing.</li>
</ul>


Micron delivered a blowout Q4, with $11.3B revenue and $3.03 EPS, led by DRAM’s 27% QoQ growth and an HBM3E run-rate nearing $8B.
Data centre accounted for 56% of FY2025 sales, driven by LPDDR5 shipments for Nvidia’s GB chips and early HBM4 sampling.
Management sees 2026 as a tight DRAM supply environment by design, with slower node transitions and deliberate capacity discipline supporting pricing.


Led by DRAMs, Micron Crushes Q4 and Eyes Scarcity in 2026

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

Nicolas Baratte

Micron Unveils Game-Changing 1-Gamma Node Expansion to Slash Costs & Boost Output; What Lies Ahead?

Micron Technology's recent earnings provided insights into its performance and strategic outlook. The company appears to be navigating industry...

Baptista Research

Led by DRAMs, Micron Crushes Q4 and Eyes Scarcity in 2026

Micron reports strong Q4 results, driven by growth in DRAM and data center sales, with a focus on tight supply to support pricing in 2026.

Mint Finance

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Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

​Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

​HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

Nicolas Baratte

Micron Unveils Game-Changing 1-Gamma Node Expansion to Slash Costs & Boost Output; What Lies Ahead?

Micron Technology's recent earnings provided insights into its performance and strategic outlook. The company appears to be navigating industry...

Baptista Research

Led by DRAMs, Micron Crushes Q4 and Eyes Scarcity in 2026

​Micron reports strong Q4 results, driven by growth in DRAM and data center sales, with a focus on tight supply to support pricing in 2026.

Mint Finance

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

Micron reports strong Q4 results, driven by growth in DRAM and data center sales, with a focus on tight supply to support pricing in 2026.