AI and Semiconductor Market - OpenAI has secured deals to purchase approximately 40% of the global raw, undiced DRAM wafer output until 2029, indicating a significant demand for advanced memory chips to support AI infrastructure and data centers globally [2][7] - Moore Threads Technology has emerged as a competitor to Nvidia in the AI chip market, completing a successful IPO in China with shares increasing by as much as 500%, aiming to reduce reliance on Nvidia's hardware [3][7] Global EV Market - The electric vehicle market is experiencing a slowdown, with Asian battery and car manufacturers adjusting strategies due to softening demand, high production costs, and slower consumer adoption [4][7] - Ford Motor Company is recalling over 270,000 electric and hybrid vehicles in the U.S. due to a parking function issue, which poses a roll-away risk [5][7] Japan's Corporate Landscape - Japan is undergoing significant corporate governance reforms, leading to a record $350 billion in mergers and acquisitions, indicating a shift towards improved shareholder returns and profitability [6][7] - Companies and households in Japan are reevaluating their financial strategies following a recent rate hike by the Bank of Japan [8][7] American Airlines Loyalty Program Changes - American Airlines will no longer offer AAdvantage miles or Loyalty Points for basic economy fares starting December 17, 2025, aligning its policy with competitors and impacting budget travelers [9][7]

17 December 2025 | 9:26PM EST Equity Research Micron Technology Inc. (MU): Expect the stock to move higher on very strong guidance, driven by constrained supply through 2026 Key stock takeaways: We expect the stock to move higher following a strong quarter with guidance that was far ahead of the Street, despite elevated investor expectations heading into the quarter. HBM, conventional DRAM, and NAND markets have all seen contract prices rise dramatically over the last few months, driven by continued supply ...

Core Insights - The Magnificent Seven, a group of trillion-dollar corporations, have significantly influenced the stock market and established the foundation of the digital economy, but they face growth limitations due to the Law of Large Numbers [1][4] - A market shift is occurring as institutional investors are moving capital from mega-cap stocks to high-growth mid-cap companies that specialize in applying artificial intelligence (AI) [2][3] Company Summaries Micron Technology - Micron Technology is positioned at the center of a supply shortage for High Bandwidth Memory (HBM), specifically HBM3E chips, which are critical for AI servers [7][8] - The demand for HBM has outstripped supply, with Micron's production capacity sold out through 2026, granting the company significant pricing power and higher profit margins [8][9] - Micron's memory stacks are approximately 30% more power-efficient than previous generations, providing substantial energy savings for data centers [11] - The company is experiencing a Super Cycle driven by insatiable demand for AI infrastructure, leading to clearer revenue visibility [12] Palantir Technologies - Palantir Technologies has emerged as a leader in Operational AI, transitioning from a reliance on government contracts to significant growth in US commercial revenue, which accelerated over 50% year-over-year in 2025 [13][14] - The company's Bootcamp sales strategy allows for rapid implementation of its software, significantly shortening the time to close large deals [16] - Inclusion in the S&P 500 has provided stability to Palantir's stock price, supported by institutional buying and strong performance on the Rule of 40 metric [17] SentinelOne - SentinelOne offers AI-driven security solutions to combat automated attacks, positioning itself as a necessary defense against evolving threats [18] - The company achieved GAAP profitability by the end of fiscal year 2025, followed by positive free cash flow, indicating a sustainable business model [20] - Rapid adoption of SentinelOne's generative AI tool, Purple AI, is enhancing the capabilities of junior security analysts, making it appealing to mid-sized companies [21] - The stock is currently trading at a discount compared to larger rival CrowdStrike, with potential for significant appreciation as profitability concerns are resolved [22] Market Trends - The stock market is evolving, with explosive growth shifting from established giants to emerging companies that address critical bottlenecks in memory supply, operational efficiency, and automated security [23][24]

Core Insights - Three stocks with strong growth characteristics and buy ranks are highlighted for investors: Micron Technology, Great Lakes Dredge & Dock, and Alarm.com [1][2][3] Company Summaries - **Micron Technology (MU)**: - Leading provider of semiconductor memory solutions - Zacks Rank 1 (Strong Buy) - Current year earnings estimate increased by 7% over the last 60 days - PEG ratio of 0.48 compared to the industry average of 1.42 - Growth Score of A [1][2] - **Great Lakes Dredge & Dock (GLDD)**: - Largest provider of dredging services in the US - Zacks Rank 1 (Strong Buy) - Current year earnings estimate increased by 7.8% over the last 60 days - PEG ratio of 0.98 compared to the industry average of 2.99 - Growth Score of A [2][3] - **Alarm.com (ALRM)**: - Offers interactive security solutions for home and business owners - Zacks Rank 1 (Strong Buy) - Current year earnings estimate increased by 5.5% over the last 60 days - PEG ratio of 1.64 compared to the industry average of 3.17 - Growth Score of B [3]

2 December 2025 | 9:08PM EST Equity Research Micron Technology Inc. (MU): 1Q Preview: Pricing strength should drive upside to quarter, positioning the company well for 2026 Key stock takeaways: We expect investors to continue to focus on the level of industry undersupply in DRAM and NAND, and to what extent pricing growth can sustain in these markets. Following continued pricing momentum, we expect healthy upside to Street estimates, with more moderate growth in the February quarter. We believe investor pos ...

Core Viewpoint - Micron Technology, Inc. is highlighted as a significant AI stock to watch, with UBS raising its price target from $245 to $275 while maintaining a "Buy" rating due to strong DRAM profitability and full HBM bookings through 2026 [1][2]. Group 1: Business Performance - Micron is fully booked on High Bandwidth Memory (HBM) supply until the end of 2026, indicating tight market conditions that align with UBS's industry checks [2]. - The company has extended its view on supply tightness to last through the end of 2026, with expectations of strengthening profitability in core DRAM, leading to DDR gross margins surpassing HBM for the first time in early 2026 [3]. - Micron's performance is believed to exceed guidance, supported by DDR5 contract negotiations showing quarter-over-quarter increases of 20% or more, and some mobile DRAM deals experiencing price hikes of nearly 40% quarter-over-quarter [3]. Group 2: Market Dynamics - The current cycle is expected to be more durable, as HBM is anticipated to dominate the traditional memory market, with most capacity additions across the industry likely directed towards HBM through 2027 [4]. - Micron develops and sells memory and storage products for various applications, including data centers and mobile devices, indicating a broad market presence [4].

Core Insights - Three stocks with strong growth characteristics and buy ranks are highlighted for investors: Micron Technology, Skillsoft, and Alarm.com [1][2][3] Group 1: Micron Technology (MU) - Micron Technology is a leading provider of semiconductor memory solutions with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Micron's current year earnings has increased by 27.1% over the last 60 days [1] - The company has a PEG ratio of 0.47, significantly lower than the industry average of 1.28, and possesses a Growth Score of A [2] Group 2: Skillsoft (SKIL) - Skillsoft, which provides digital learning and training solutions, also carries a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Skillsoft's current year earnings has surged by 519.3% over the last 60 days [2] - The company has a PEG ratio of 0.29, slightly lower than the industry average of 0.30, and possesses a Growth Score of B [2] Group 3: Alarm.com (ALRM) - Alarm.com offers interactive security solutions and holds a Zacks Rank 1 [3] - The Zacks Consensus Estimate for Alarm.com's current year earnings has increased by 5.5% over the last 60 days [3] - The company has a PEG ratio of 1.51, which is lower than the industry average of 2.98, and possesses a Growth Score of B [3]

Core Insights - Three stocks are highlighted with strong growth characteristics and buy ranks for investors to consider on November 17th: Micron Technology, Alarm.com, and H World Group Limited [1][2][3] Company Summaries - **Micron Technology (MU)**: - Recognized as a leading provider of semiconductor memory solutions - Holds a Zacks Rank 1 (Strong Buy) - Zacks Consensus Estimate for current year earnings increased by 23.5% over the last 60 days - PEG ratio stands at 0.53, significantly lower than the industry average of 1.50 - Growth Score is A [1][2] - **Alarm.com (ALRM)**: - Provides interactive security solutions for home and business owners - Also carries a Zacks Rank 1 - Zacks Consensus Estimate for current year earnings increased by 3.4% over the last 60 days - PEG ratio is 1.61, compared to the industry average of 3.09 - Growth Score is B [2] - **H World Group Limited Sponsored ADR (HTHT)**: - Engaged in the hotel industry - Maintains a Zacks Rank 1 - Zacks Consensus Estimate for current year earnings increased by 3.1% over the last 60 days - PEG ratio is 1.23, lower than the industry average of 1.99 - Growth Score is B [3]

Core Insights - The article discusses the increasing average selling prices (ASP) of memory products, leading to higher profits for suppliers, and a shift in capital expenditure focus towards technology upgrades and high-value products in the DRAM and NAND Flash industries [2][4]. DRAM Industry - Capital expenditure for the DRAM industry is projected to reach $53.7 billion in 2025 and grow to $61.3 billion in 2026, representing a 14% year-over-year increase [4]. - Micron is identified as the most aggressive player, with a projected capital expenditure of $13.5 billion in 2026, a 23% increase, focusing on 1 gamma process penetration and TSV equipment [5]. - SK Hynix is expected to invest $20.5 billion in 2026, a 17% increase, to expand HBM4 capacity [5]. - Samsung plans to invest $20 billion, an 11% increase, for HBM 1C process penetration and slight increases in P4L wafer capacity [5]. - There is a limited capacity expansion opportunity for Micron until its new facility in the U.S. is completed, expected to contribute to output only by 2027 [5]. NAND Flash Industry - Kioxia/SanDisk is noted as the most proactive in expanding capacity, with a projected investment of $4.5 billion in 2026, a 41% increase, to accelerate BiCS8 production and invest in BiCS9 R&D [6]. - Micron aims for a slight increase in NAND Flash capacity with a projected capital expenditure increase of 63% in 2026, focusing on G9 processes and Enterprise SSDs [6]. - Samsung and SK Hynix/Solidigm are expected to reduce or limit NAND Flash capital expenditures, prioritizing investments in HBM and DRAM [6]. - The demand surge in the NAND Flash market is driven by the rapid increase in storage capacity needs due to AI and a shortage of HDDs, leading to a structural shortage rather than a temporary market fluctuation [6][7]. Market Outlook - The article indicates that the capital expenditure focus in 2026 will shift towards process upgrades and hybrid-bonding rather than capacity expansion, resulting in limited output growth [7]. - The NAND Flash market is expected to continue experiencing supply shortages throughout 2026 [7].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of BIWIN STORAGE TECHNOLOGY CO., LTD. 深 圳 佰 維 存 儲 科 技 股 份 有 限 公 司 (A joint stock company incorporated in the People's ...