Micron Technology(US:MU) 硬AI·2025-09-25 02:18Core Viewpoint - Micron expects significant growth in capital expenditures for fiscal year 2025, projecting that capital spending will reach approximately 35% of revenue, primarily driven by investments in new wafer fabs and HBM technology [3][4][27]. Group 1: Financial Performance - In the fourth fiscal quarter, Micron reported revenue of approximately $7.8 billion, a 14% quarter-over-quarter increase and a 93% year-over-year increase [29]. - For fiscal year 2024, total revenue reached $25.1 billion, representing a 62% year-over-year growth [29]. - The fourth quarter's DRAM revenue was $5.3 billion, a 93% year-over-year increase, accounting for 69% of total revenue [29]. Group 2: HBM Market Outlook - Micron achieved hundreds of millions in HBM revenue for fiscal year 2024 and anticipates tens of billions in HBM revenue for fiscal year 2025 [5][17]. - The total addressable market (TAM) for HBM is expected to grow from approximately $4 billion in 2023 to over $25 billion by 2025, with HBM's market share projected to increase from 1.5% to around 6% [5][17]. - Micron's HBM3E solutions are gaining traction among customers, with strong demand anticipated for high-capacity D5 and LP5 solutions [17][19]. Group 3: Supply and Demand Dynamics - The supply of advanced processes is currently very tight due to reduced capital expenditures in 2022 and 2023, leading to a significant decline in wafer capacity from peak levels [6][26]. - The industry expects DRAM demand growth of approximately 15% for fiscal year 2024, with similar growth anticipated for fiscal year 2025 [5][26]. - The PC market is projected to see stable growth, with an expected increase in shipments driven by the launch of next-generation AI PCs and the transition to Windows 12 [6][21]. Group 4: Capital Expenditure Strategy - Micron's capital expenditures for fiscal year 2024 were $8.1 billion, with expectations for a substantial increase in fiscal year 2025, primarily focused on HBM investments [4][27]. - The company plans to maintain strict control over capital expenditures to ensure alignment with industry demand while focusing on improving profitability [27][38]. - Investments in new facilities in Idaho and New York are aimed at supporting long-term DRAM demand, although they will not contribute to supply in the near term [27].