Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

<ul>
<li>Micron is doing very well lately, mainly from its position in HBM, and this is likely to be a key positive factor in their upcoming June 25 earnings call</li>
<li>Hyperscaler CapEx has slowed, but the CapEx share of revenues continues to rise, indicating speculation that AI growth will come</li>
<li>Despite the above, Nvidia revenues have continued to grow, which is a positive indication for HBM sales</li>
</ul>


Micron is doing very well lately, mainly from its position in HBM, and this is likely to be a key positive factor in their upcoming June 25 earnings call
Hyperscaler CapEx has slowed, but the CapEx share of revenues continues to rise, indicating speculation that AI growth will come
Despite the above, Nvidia revenues have continued to grow, which is a positive indication for HBM sales


Micron Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

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 performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation with weak near-term financial guidance.</li><li>The company’s fiscal first-quarter results beat Wall Street expectations, with adjusted earnings of $1.79 per share, slightly above the consensus of $1.76.</li><li>Revenue stood at $8.7 billion, in line with projections.</li></ul>

Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation with weak near-term financial guidance.The company’s fiscal first-quarter results beat Wall Street expectations, with adjusted earnings of $1.79 per share, slightly above the consensus of $1.76.Revenue stood at $8.7 billion, in line with projections.

Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range</li>
<li>Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!</li>
<li>NAND is headed for yet another downturn after six quarters of sequential growth. </li>
</ul>


Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
NAND is headed for yet another downturn after six quarters of sequential growth. 


Micron. HBM Gets Even Better, NAND Gets Even Worse

<ul>
<li>Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.</li>
<li>This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx</li>
<li>Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures</li>
</ul>


Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.
This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures


Micron 2QF25 Earnings Call Positive, But Tread with Caution

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Key Memory Names Have Rebounded; Micron and SK Hynix Lead</li>
<li>NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E</li>
<li>Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech</li>
</ul>


Key Memory Names Have Rebounded; Micron and SK Hynix Lead
NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech


Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

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 Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...

Jim Handy

Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?

Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation...

Baptista Research

Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Micron 2QF25 Earnings Call Positive, But Tread with Caution

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

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Micron Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

​Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...

Jim Handy

Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?

Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation...

Baptista Research

Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Micron 2QF25 Earnings Call Positive, But Tread with Caution

​Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

​Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...