Micron Technology(US:MU) 智通财经网·2025-09-24 13:09Core Viewpoint - Micron Technology anticipates that DRAM will contribute more to revenue growth than NAND in the upcoming quarter, with a projected gross margin increase of 580 basis points due to favorable product mix, strong pricing, and effective cost control [1][5] Group 1: Market Outlook - The HBM market is expected to reach $100 billion by 2030, with growth rates outpacing the overall DRAM market, particularly in 2026 [1][3] - The demand for HBM products is driven by increasing performance requirements, particularly in data centers, traditional servers, PCs, smartphones, and automotive markets [2][7][9] - The company is well-prepared for the HBM4 product launch, which is set to begin shipping in Q2 2026, with plans to ramp up production based on customer demand [1][3][15] Group 2: Financial Projections - Micron forecasts a revenue increase of $1.2 billion for the next quarter, primarily driven by DRAM, with expectations for gross margin improvement [1][5] - The company anticipates that the gross margin will continue to improve quarter-over-quarter, supported by tight DRAM supply and a favorable pricing environment [5][11] - Net capital expenditures for FY2026 are projected to be around $18 billion, primarily allocated to DRAM-related investments [10] Group 3: Competitive Positioning - Micron's HBM4 products are expected to lead the industry in performance and energy efficiency, leveraging proprietary technology and advanced CMOS logic chips [12][15] - The company has secured pricing agreements for the majority of HBM3E supply for 2026, indicating a strong market position despite potential pricing pressures from key customers [4][14] - Micron's ability to flexibly manage the supply of HBM and non-HBM products is supported by shared manufacturing processes and sufficient backend testing capacity [14]