Core Viewpoint - LG Display proposed a simplified tandem OLED technology to Apple, which could potentially be used in future iPhone models, but any implementation is unlikely before 2028 [1][3]. Group 1: Technology Overview - The simplified tandem OLED technology involves stacking the blue sub-pixels in two layers while keeping the red and green sub-pixels in a single layer, enhancing efficiency and reducing power consumption [1][2]. - Current iPhone OLED screens utilize a single-layer stacking method for RGB sub-pixels, while the proposed technology aims to improve brightness and battery life [1]. Group 2: Competitive Landscape - LG Display has been more proactive in proposing tandem OLED technology to Apple compared to Samsung Display, which is reportedly lagging in this area [5]. - Apple has previously adopted dual tandem OLED technology for its iPad, indicating a willingness to explore advanced OLED solutions in its product lineup [2][3]. Group 3: Supply Chain Dynamics - Apple is likely to engage multiple suppliers, including Samsung Display and BOE, to maintain negotiation leverage and avoid dependency on a single manufacturer [5]. - In 2024, LG Display is expected to supply more OLED panels for iPads than Samsung Display, reflecting its growing role in Apple's supply chain [3].

Core Viewpoint - Samsung Display is restructuring its IT business department by adding an IT sales team to prepare for a full-scale launch of its IT OLED business, despite previous poor sales of Apple's OLED iPad [1]. Group 1: Organizational Changes - On July 1, Samsung Display restructured its IT business department, adding an IT sales team alongside the existing IT technology and development teams [1]. - In December 2024, Samsung Display announced that Lee Jong-hyuk, head of the large-size division, would also take on the role of head of the IT division, while Lee Joo-hyung would lead the small-size division [3]. Group 2: Business Focus - The large-size division focuses on producing quantum dot (QD)-OLED panels for TVs and monitors, while the small-size division is responsible for OLED panels for Samsung's Galaxy series and Apple's iPhone [4]. - The appointment of the large-size division head to the IT division is expected to benefit the overall expansion of the IT OLED business, potentially creating synergies despite the differences in technology between QD-OLED and small-size IT OLED [4]. Group 3: Strategic Adjustments - The personnel changes on July 1 also included a swap between the heads of the headquarters planning team and the small-size division planning team, both of which are involved in investment decisions [4].

Investment Rating - The report assigns a positive sentiment towards the outlook for both DRAM and HBM, with a positioning score of 8 out of 10, indicating a strong long position [4]. Core Insights - Investor sentiment has shifted positively due to favorable DDR pricing data and growing optimism around HBM, particularly as Samsung faces challenges. MU is reportedly experiencing strong new customer engagements in HBM, with rush orders from various clients [4]. - The report highlights that MU has successfully brought HBM 3E 12-Hi to market ahead of schedule, showcasing its competitive strengths. Datacenter demand remains robust, and consumer shipments and ASPs are improving [4]. - There are concerns regarding high street expectations, with survey results indicating that these expectations are already priced in. The stock is currently trading at 2.6 times book value, but continued improvements in guidance are expected to support share prices [4]. - Discussions are ongoing about the potential guidance for C26 HBM, with speculation that overwhelming demand may lead to ongoing negotiations rather than a straightforward guide [4]. - The report notes that the rise of HBM may necessitate a reevaluation of valuation metrics, suggesting a shift from P/B to P/E or SOTP [4]. Summary by Sections Financial Performance - MU's revenue guidance for F3Q25 is $8.80 billion with a gross margin of 36.50%, while the street consensus is slightly higher at $8.84 billion and 36.70% gross margin. The survey mean suggests even more optimistic figures of $9.05 billion and 37.46% gross margin [3]. Market Trends - The report indicates a strong demand in the datacenter sector and improving consumer trends, which are expected to positively impact revenue and earnings forecasts for MU [4][10]. Competitive Landscape - MU's advancements in HBM technology and strong customer engagement position it favorably against competitors, particularly in light of Samsung's reported struggles [4].