AI-Driven Demand Supports Micron Technology’s (MU) Margin Expansion

Group 1: Fund Performance - Global equities finished 2025 strongly, with international markets delivering their widest outperformance versus U.S. equities since the Global Financial Crisis, aided by a weaker dollar and improving trade conditions [1] - In Q4 2025, the Baird Chautauqua International Growth Fund returned +0.11%, lagging the MSCI ACWI ex-U.S. Index's +5.05%, while the Global Growth Fund gained +4.18%, outperforming its MSCI ACWI Index® ND's +3.29% [1] - The fund remains focused on high-quality businesses with strong cash flows and balance sheets, supported by attractive international valuations and a more favorable macro backdrop heading into 2026 [1] Group 2: Micron Technology, Inc. Insights - Micron Technology, Inc. (NASDAQ:MU) is a leading memory and storage semiconductor manufacturer, benefiting from cyclical recovery and long-term demand driven by AI, data centers, and advanced computing [2] - Micron Technology, Inc. was among the largest contributors to the Global Growth Fund, with a one-month return of approximately 0.43% and shares gaining about 12.29% over the last 52 weeks [2] - Micron reported strong FY4Q25 results and raised its 1Q guidance for revenues, earnings, and margins, reflecting improved pricing, particularly in DRAM, with demand continuing to outpace supply [3] Group 3: Hedge Fund Interest - Micron Technology, Inc. is in the 20th position on the list of 30 Most Popular Stocks Among Hedge Funds, with 105 hedge fund portfolios holding the stock at the end of the third quarter, up from 94 in the previous quarter [3]