摩根大通：美光科技_强劲业绩_关于需求改善和价格趋势向好的指引

J P M O R G A N North America Equity Research 26 June 2025 Micron Technology As we had previewed (see note here), Micron delivered solid May-Qtr results (revenue, gross margin, and earnings) and provided a strong outlook for the Aug- Qtr. The strong performance was driven by strong demand in HBM (up 50% Q/Q to $1.5B+/qtr) and datacenter, alongside growth in consumer applications such as mobile (end market improvement combined with tariff-related demand pull forward) and improvements in broad distribution/in ...