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 ...

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.32%, the Shenzhen Component Index by 1.47%, and the ChiNext Index by 0.73%, while the Northbound 50 Index fell by 0.18% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 26,718 billion yuan, an increase of 4,746 billion yuan compared to the previous day [1] - Over 3,100 stocks in the market experienced gains [1] Sector Performance - The sectors with the highest gains included precious metals, controllable nuclear fusion, rare earth permanent magnets, energy metals, wind power equipment, steel, and storage chips [1] - Conversely, the sectors that saw the largest declines were film and television, tourism and hotels, liquor, and duty-free shops [1] Notable Stocks - The surge in international gold prices led to a collective explosion in the non-ferrous and precious metals sectors, with stocks such as Xingye Silver Tin, Yunnan Copper, Shandong Gold, Sichuan Gold, and Zhaojin Gold hitting the daily limit [1] - The controllable nuclear fusion sector also performed strongly, with stocks like Western Superconducting, Guoguang Electric, and Haheng Huaton reaching the daily limit [1] - The rare earth permanent magnet sector saw a rebound in the afternoon, with stocks such as Northern Rare Earth, China Rare Earth, and China Ruilin hitting the daily limit [1] - Other sectors like storage chips, wind power equipment, and steel also showed performance during the trading session [1] Declining Stocks - The film and television sector experienced significant declines, with stocks such as Bona Film, Hengdian Film, and China Film hitting the daily limit down [1] - The tourism and hotel sector also performed poorly, with stocks like Caesar Travel, Tianfu Cultural Tourism, and Xiyu Tourism showing the largest declines [1]

Core Insights - Investor sentiment remains bullish despite tariff policies leading to higher inflation, with the Federal Reserve lowering interest rates for the first time this year amid a deteriorating labor market [1] Group 1: Stock Recommendations - Stocks such as Amicus Therapeutics, Inc. (FOLD), Micron Technology Inc. (MU), and General Dynamics Corp. (GD) are recommended for investment based on broker ratings [2] - Amicus Therapeutics is focused on developing treatments for rare metabolic diseases, with a projected earnings increase of 29.2% year-over-year for 2025 and a 7.7% upward revision in broker ratings [7] - Micron Technology, a leading provider of semiconductor memory solutions, is expected to see a 100% year-over-year earnings surge for fiscal 2026, with a 2.7% upward revision in broker ratings [8] - General Dynamics, involved in mission-critical systems and technologies, is forecasted to have an 11.7% earnings increase for 2025, with a 4.8% upward revision in broker ratings [9][10] Group 2: Investment Strategy - A screening strategy is proposed to identify potential winners, focusing on stocks with broker rating upgrades of 1% or more over the past four weeks, current prices above $5, and an average 20-day volume greater than 100,000 [5] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven record of success, especially when combined with a VGM Score of A or B, indicating strong upside potential [6]

Core Insights - Micron Technology's shares surged nearly 9% to reach all-time highs, driven by increased demand for memory and storage due to AI projects [1] Company Developments - Micron is one of the few companies capable of producing DRAM and NAND flash memory at scale, with a significant demand boost from AI data centers, particularly OpenAI's Stargate project [2] - OpenAI has signed a major agreement with Samsung and SK Hynix to supply memory for the Stargate project, which could cost up to $500 billion [3] - The agreement involves supplying undiced wafers, potentially lowering costs for OpenAI, with peak demand estimated at 900,000 DRAM wafers per month, representing about 40% of the current DRAM market [4] Industry Trends - The memory industry has historically been cyclical, but the rise of AI has led to a surge in demand for high-bandwidth memory, requiring significantly more wafer capacity compared to traditional DRAM [7] - The demand from OpenAI's Stargate project is expected to benefit the three-company oligopoly in the memory market, which includes Micron, Samsung, and SK Hynix [8]

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 Rayson HI-TECH(SZ) Co., Ltd. 深圳市晶存科技股份有限公司 (A joint stock company incorporated in the People's Republic of China wi ...

Summary of Micron Technology Inc. (MU) Conference Call Company Overview - **Company**: Micron Technology Inc. (MU) - **Industry**: Semiconductors, specifically focusing on DRAM and NAND memory products Key Points and Arguments 1. **Strong Financial Performance**: Micron reported revenue of $11.32 billion, exceeding both Goldman Sachs' estimate of $11.25 billion and the Street's estimate of $11.12 billion. The gross margin was 45.7%, above Goldman Sachs' estimate of 44.6% and the Street's estimate of 44.7% [3][11][12] 2. **DRAM Market Health**: The DRAM market remains robust, with Micron's DRAM revenue reaching $8.98 billion, surpassing Goldman Sachs' estimate of $8.86 billion and the Street's estimate of $8.72 billion. The company expects DRAM bit demand growth in 2025 to be in the high-teens range, slightly higher than previous forecasts [3][6][10] 3. **NAND Market Tightening**: The NAND market has tightened significantly in recent months, with Micron's NAND revenue at $2.25 billion, which was below Goldman Sachs' estimate of $2.31 billion and the Street's estimate of $2.35 billion. However, the company anticipates NAND bit demand growth in 2025 to be in the low-to-mid teens range, an improvement from prior expectations [3][7][10] 4. **Capital Expenditure Plans**: Micron plans to maintain a capital spending baseline of approximately $18 billion for FY26, reflecting a 30% year-over-year increase. The company guided for FY1Q revenue of $12.5 billion, significantly above estimates [7][10][14] 5. **Earnings Guidance**: Non-GAAP EPS guidance for FY1Q is set at $3.60 to $3.90, with a midpoint of $3.75, well above Goldman Sachs' estimate of $3.07 and the Street's estimate of $3.09 [7][14] 6. **Market Share and Product Execution**: Micron's execution in the HBM (High Bandwidth Memory) segment is improving, with its market share now aligned with its overall DRAM share. The company has pricing agreements with six HBM3E customers, which account for most of its planned capacity [6][10] 7. **Risks and Neutral Rating**: Despite the positive outlook, there are potential risks, particularly regarding pricing retracement in HBM in 2026 due to the qualification of additional suppliers like Samsung. Therefore, the stock is rated Neutral for now, with a price target raised to $145 from $130 [9][10][17] Additional Important Insights 1. **CapEx Impact on Related Companies**: The positive outlook for Micron is expected to have a favorable read-across for companies like SanDisk (SNDK) and semiconductor capital equipment firms such as Lam Research (LRCX) and Applied Materials (AMAT) due to Micron's significant CapEx increase [2] 2. **Future Considerations**: Analysts may consider a more constructive stance on Micron if further supply/demand tightness is observed in 2026 or if there are signs of improved market share against competitors [10] This summary encapsulates the key insights from the conference call regarding Micron Technology Inc., highlighting its financial performance, market conditions, and future outlook.