Micron Technology(US:MU) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-30 23:06Core Viewpoint - The storage chip market is experiencing a simultaneous rise in product transactions and stock market performance, indicating a new upward cycle in the storage industry [1] Group 1: Market Trends - The current market rally reflects the storage industry's entry into a new upward cycle following inventory adjustments in Q1 of this year, with major manufacturers shifting production capacity towards higher-margin products like DDR5 and LPDDR5 [2][3] - Major manufacturers such as Micron and Samsung have announced production cuts for DDR4 and LPDDR4, leading to a structural shortage in the mobile storage market [2][4] - The price increase trend for DDR4 and LPDDR4 products is expected to persist due to supply constraints and the gradual transition to next-generation products [7][8] Group 2: Company Strategies - Micron has decisively shifted its focus away from mobile NAND products due to poor market performance, while continuing to support other NAND solutions and the mobile DRAM market [4][9] - The company reported a significant increase in revenue from DRAM products, which accounted for 79% of total revenue in Q4 FY2025, with a year-over-year growth of 69% [3] - Micron's CEO highlighted a nearly 50% revenue growth to $37.4 billion for FY2025, driven by high-value data center products and strong demand for DRAM [9][10] Group 3: Future Outlook - The transition to DDR5 and LPDDR5 is ongoing, but the market for DDR4 and LPDDR4 remains tight, with manufacturers extending the product lifecycle to meet demand [7][8] - Analysts predict that the overall price of general DRAM will increase by 8% to 13% in Q4, with HBM products potentially seeing a price increase of 13% to 18% [10]