Micron Technology

Основное из отчета

Позитивное:

• Трансформация бизнес-модели через контракты SCA с депозитами на $22 млрд. Цитата: «even for the agreements we have already signed the 16 agreements aggregates to $22 billion plus in terms of total cash and related financial commitments, of which the cash alone is almost $18 billion.»
• Структурное доминирование в высокомаржинальных продуктах HBM и SSD для ИИ. Цитата: «we today believe that our HBM4 has the highest performance amongst any competing product out there. And we don't believe that others can match this performance...»

Негативное:

• Жесткий дефицит чистых помещений (cleanroom space), сдерживающий физический рост предложения до 2028 года. Цитата: «we see this relative constraint for all the major DRAM players to be there through this year and into next year with major meaningful improvement to clean room space availability only out into '28.»
• Рост себестоимости бита из-за затрат на запуск новых фабрик (start-up costs). Цитата: «greenfield build-out, which doesn't get the same leverage on existing capacity... are going to be trends that we expect will actually increase DRAM bit costs here in the near term.»