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Core Viewpoint - Micron Technology reported a strong financial performance for Q3 FY2024, with revenue of $9.3 billion, a 37% year-over-year increase, driven by significant demand for high-bandwidth memory (HBM) in data centers [3][4]. Financial Performance - Micron's Q3 FY2024 revenue was $9.3 billion, exceeding market expectations of $8.87 billion [3]. - The adjusted operating profit for the quarter was $2.49 billion, surpassing analyst predictions of $2.13 billion [3]. - The adjusted gross margin for the quarter was 39%, higher than the expected 36.8% [3]. Business Segments - DRAM revenue reached $7.07 billion, a 15.5% increase quarter-over-quarter, although the average selling price (ASP) for DRAM decreased by approximately 4% [3]. - NAND revenue was $2.16 billion, up 16.2% quarter-over-quarter, with a 25% increase in shipment volume despite a 7% decline in ASP [3]. Market Outlook - Micron anticipates Q4 FY2024 revenue to reach $10.7 billion, a 38% year-over-year increase, exceeding market expectations of $9.88 billion [4]. - The company noted a growing demand for HBM components used in AI tools, indicating a positive market trend for memory products [4]. Pricing Trends - DRAM prices, including HBM, are on the rise, with Samsung and SK Hynix increasing prices for DDR4 and DDR5 DRAM by double-digit percentages [5]. - The price of the new HBM3E product has increased by approximately 60% compared to the previous generation [5]. Strategic Approach - Despite strong performance, Micron is adopting a cautious investment strategy, focusing on supply control rather than aggressive expansion to meet the surging demand driven by AI [4].