Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.</li>
<li>Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.</li>
<li>SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.</li>
</ul>


Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.
Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.
SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.


Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Micron's Sept 29 4QF22 earnings call met the company's low guidance for the quarter</li>
<li>The company's current-quarter outlook is for a significantly worse 4QF22</li>
<li>This phenomenon will impact the earnings for all of Micron's competition in upcoming calls</li>
</ul>


Micron's Sept 29 4QF22 earnings call met the company's low guidance for the quarter
The company's current-quarter outlook is for a significantly worse 4QF22
This phenomenon will impact the earnings for all of Micron's competition in upcoming calls


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Micron Technology's Fiscal Second Quarter 2024 Earnings showcased a lean towards optimism with some cautionary notes.</li><li>It was revealed that the Micron sees substantial demand for High Bandwidth Memory (HBM) which has even surpassed their expectations and as such the HBM supply for 2024 is already sold out, with most of 2025's capacity also already allocated.</li><li>This is due in part to the product’s high performance specs and 30% lower power consumption.</li></ul>

Micron Technology's Fiscal Second Quarter 2024 Earnings showcased a lean towards optimism with some cautionary notes.It was revealed that the Micron sees substantial demand for High Bandwidth Memory (HBM) which has even surpassed their expectations and as such the HBM supply for 2024 is already sold out, with most of 2025's capacity also already allocated.This is due in part to the product’s high performance specs and 30% lower power consumption.

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul>
<li>U.S. chipmaker Micron Technology Inc. expects deeper cooperation with the Chinese government as Beijing ramps up efforts to boost foreign investment, its CEO said at a forum in the capital Monday.</li>
<li>Speaking at the China Development Forum, Sanjay Mehrotra hailed the recent release by the State Council of a <a href="https://www.caixinglobal.com/2024-03-20/china-releases-action-plan-to-attract-foreign-investment-102177094.html" target="_blank" rel="noopener">24-point plan</a> designed to promote high-level opening-up and attract foreign investment as the latest show of China’s determination to improve its business environment for foreign companies.</li>
<li>Micron cannot grow its business in China without government support, Mehrotra added, while reaffirming the company’s commitment to expand its business in the world’s second-largest economy, where it has a presence in Beijing, Shanghai, Shenzhen and Xi’an.</li>
</ul>


U.S. chipmaker Micron Technology Inc. expects deeper cooperation with the Chinese government as Beijing ramps up efforts to boost foreign investment, its CEO said at a forum in the capital Monday.
Speaking at the China Development Forum, Sanjay Mehrotra hailed the recent release by the State Council of a 24-point plan designed to promote high-level opening-up and attract foreign investment as the latest show of China’s determination to improve its business environment for foreign companies.
Micron cannot grow its business in China without government support, Mehrotra added, while reaffirming the company’s commitment to expand its business in the world’s second-largest economy, where it has a presence in Beijing, Shanghai, Shenzhen and Xi’an.


Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.</li><li>Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.</li><li><p>These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.</p></li></ul>

I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.

Micron's Earnings and Broadcom's Accelerators

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Micron Technology (MU US)

Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the...

Vincent Fernando, CFA

Micron FYQ4: Bad, and About to Get Worse

Micron announced revenues down 23% Quarter on Quarter and guided down another 36% Q/Q for the current quarter. This shows what upcoming results...

Jim Handy

Micron Technology: HBM Product Adoption

Micron Technology's Fiscal Second Quarter 2024 Earnings showcased a lean towards optimism with some cautionary notes. It was revealed that the...

Baptista Research

Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses

U.S. chipmaker Micron Technology Inc. expects deeper cooperation with the Chinese government as Beijing ramps up efforts to boost foreign...

Caixin Global

Micron's Earnings and Broadcom's Accelerators

It's all about AI. Micron is proving the memory thesis true, and Broadcom has a new accelerator customer. Also Nvidia's Moat.

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)