Key Takeaways MU has fully booked its 2025 HBM inventory and expects increased demand to continue into 2026. HBM is now a key growth driver, with 2025 demand projected to reach $35B from $18B in 2024. MU is scaling manufacturing and adding capacity in Singapore to address future HBM supply needs.Micron Technology, Inc. (MU) confirmed during its third-quarter fiscal 2025 earnings call that its entire High Bandwidth Memory (“HBM”) supply for calendar year 2025 is sold out. This indicates strong demand for M ...

Muted PC and phone demand continues to weigh on memory chip pricing, prompting Bank of America Securities to maintain a Neutral rating on Micron Technology MU, even as the company posts blowout earnings and bullish guidance.Analyst Vivek Arya maintained Micron Technology with a Neutral and raised the price target from $84 to $140 on Thursday.Micron reported third-quarter revenue of $9.3 billion, up roughly 16%, topping the consensus estimate of $8.87 billion. The company reported third-quarter adjusted earn ...

Core Insights - Micron Technology reported strong third-quarter fiscal 2025 earnings of $1.91 per share, exceeding the Zacks Consensus Estimate by 20.13% and showing a year-over-year increase of 208.1% from $0.62 [1][8] - Revenues for the third quarter reached $9.30 billion, a 37% increase year over year, also surpassing the Zacks Consensus Estimate by 5.3%, driven by high demand for high bandwidth memory (HBM) products [1][2] Financial Performance - DRAM revenues were $7.1 billion, accounting for 76% of total revenues, marking a 51% year-over-year increase and a 15% sequential increase, with record demand for data center DRAM [3][4] - NAND revenues totaled $2.2 billion, representing 23% of total revenues, up 4% year over year and 16% quarter over quarter [3] - Other revenues were $75 million, up from $54 million year over year, remaining flat sequentially [4] Business Segment Performance - The Compute and Networking Business Unit generated $5.1 billion in revenues, soaring 96.2% year over year and 11% sequentially, driven by a more than 50% sequential increase in HBM revenues [4] - The Mobile Business Unit's revenues were $1.6 billion, flat year over year but up 45% quarter over quarter due to reduced customer inventories [5] - The Embedded Business Unit's revenues were $1.2 billion, down 7.7% year over year but up 20% sequentially [6] - Revenues from the Storage Business Unit totaled $1.5 billion, increasing 7.1% year over year and 4% sequentially [6] Operating Metrics - Micron's non-GAAP gross profit for the third quarter was $3.62 billion, significantly up from $1.92 billion year over year, with a non-GAAP gross margin of 39%, improving from 28.1% in the year-ago quarter [7][9] - Non-GAAP operating income was $2.49 billion, higher than the previous quarter's $2.01 billion and significantly improved from $941 million year over year [9] Cash Flow and Balance Sheet - Micron ended the quarter with cash and investments of $10.81 billion, up from $8.22 billion in the prior quarter, and total liquidity of $15.7 billion, an increase from $12.1 billion [10] - The company generated an operating cash flow of $4.61 billion and spent $2.7 billion on capital expenditures, resulting in an adjusted free cash flow of $1.95 billion [11] Future Outlook - For the fourth quarter of fiscal 2025, Micron anticipates revenues of $10.7 billion (+/-$300 million), significantly above the Zacks Consensus Estimate of $9.90 billion, with a projected non-GAAP gross margin of 42% [12][13] - Adjusted EPS is expected to be $2.50 (+/- 15 cents), contrasting with the consensus mark of a loss of $2.02 per share [13]

Group 1 - Micron reported better-than-expected earnings and revenue, with shares rising in extended trading [1] - The company forecasts revenue of approximately $10.7 billion for its fiscal fourth quarter, a 38% increase from $7.75 billion a year earlier, exceeding the $9.9 billion average analyst estimate [1] - Total sales for the third quarter jumped 37% to $9.3 billion, compared to $6.81 billion a year ago [2][3] Group 2 - Data center revenue more than doubled in the third quarter, driven by soaring demand in the high bandwidth memory (HBM) market due to the artificial intelligence boom [2] - Earnings per share were reported at $1.91, adjusted, surpassing the expected $1.60 [3]

Japan Technology: Semiconductors: Investor visit feedback and sector outlook (June 2025) We summarize feedback gathered from over 40 investor meetings conducted across the east coast of the United States and Singapore in late May and early June 2025. While concerns regarding tariffs, export regulations, and the macroeconomic environment persist, investor sentiment towards the semiconductor/SPE sector has improved compared to the period before the 1Q earnings season (April-May). We especially note heightened ...

Key Takeaways Micron's HBM revenues surpassed $1 billion in Q2 FY25, driven by AI and high-performance computing demand. Strong demand for MU's HBM3E variants has sold out 2025 supply; focus now shifts to 2026 delivery deals. Micron is ramping HBM4 production in 2026, targeting 60% more bandwidth versus current HBM3E chips.Micron Technology’s (MU) high bandwidth memory (HBM) chips are experiencing robust traction due to their growing use in high-performance computing, hyperscalers and artificial intellige ...

Fit-for-purpose Facility Will Provide Significant Operational Flexibility as the Company Continues to Execute on its Long-Term Growth StrategyLIVERMORE, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading provider of test and measurement technologies for the semiconductor industry, today announced that it has purchased a manufacturing site in Farmers Branch, Texas. The site, which comprises four structures and includes 50,000 square feet of clean room space, was purchased fo ...

Core Viewpoint - Teradyne's shares have shown a 9.2% increase over the past month, outperforming the broader Zacks Computer and Technology sector but underperforming the Zacks Electronics – Miscellaneous Products industry [1] Financial Performance - Teradyne reported first-quarter 2025 revenues of $686 million, a 14% year-over-year increase, which was at the higher end of the company's guidance range of $660-$700 million [2] - Gross margin was 60.6%, and earnings per share were 75 cents, reflecting a 47.1% year-over-year increase, both exceeding management's expectations [2] - Revenues and earnings surpassed the Zacks Consensus Estimates by 0.26% and 22.95%, respectively [2] Guidance and Market Conditions - The company provided conservative guidance for the second quarter of 2025, expecting revenues between $610 million and $680 million and earnings in the range of 41 to 64 cents per share [3] - Teradyne anticipates sluggish business due to challenging macroeconomic conditions, including tariff uncertainties and volatility in end-market demand [3] Competitive Position - Teradyne has underperformed compared to industry peers such as Flex, Greenland Technologies, and Stardust Power, which saw share gains of 21.1%, 31%, and 19.4%, respectively [4] Earnings Estimates - The Zacks Consensus Estimate for second-quarter 2025 earnings is 54 cents per share, indicating a 37.21% decline from the previous year [5] - Revenue estimates are pegged at $646.05 million, suggesting an 11.49% decline from the year-ago quarter [5] Demand Challenges - Weak and inconsistent demand in key business segments is impacting Teradyne's growth, particularly in the Memory Test segment, where revenues were flat year-over-year at $109 million [6] - The Mobile segment has seen some improvement, but overall demand remains subdued due to declining phone unit volumes [7] Growth Opportunities - System Level Test (SLT) is expected to drive growth in the AI accelerator and mobile device segments, with Teradyne's Titan HP being utilized for production testing [8] - Teradyne's VIP Total Addressable Market (TAM) for 2026 is projected to be $600 million, with SLT expected to contribute $60-180 million [9] - HBM4's adoption is increasing in AI compute and data center workloads, creating a high-value test market for Teradyne [11]