Semiconductors

Micron Tech

Micron

Conference Minutes

Following $Micron Tech(MU.US)'s post-earnings main call and breakout sessions, Dolphin Research highlights the core takeaways. Details as follows:1) Memory demand: the 2025 DRAM bit demand growth outlook is raised to around 20% (prev 15%+), and NAND to 15%+ (prev 10%–15%). For 2026, industry shipments for DRAM and NAND are expected to grow about 20% vs 2025.2) HBM market: the total addressable market (TAM) is expected to keep expanding at roughly 40% CAGR. Continued rapid expansion is anticipated...

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

MU (analyst huddle): Cash prioritized for capacity expansion; HBM4 yield ramping faster

Below is Dolphin Research's FY2026 Q earnings call Trans for Micron. For the earnings analysis, see 'Micron MU: AI is energizing memory; is a new cycle starting?'.I. $Micron Tech(MU.US) key financials recap. Revenue: Q1 revenue reached $13.6bn (+21% QoQ, +57% YoY), a company record.GPM: blended GPM was 56.8%, up 1,100bps QoQ. Gains were driven by higher pricing, cost control, and a better product mix...

MU (Trans): GPM will continue to expand, but the pace will moderate.

Financial Analysis

Micron (MU) reported FY2026 Q1 results (quarter ended Nov 2025) in U.S. after-hours on Dec 18 (Beijing time). Key takeaways:1) Overall results: $Micron Tech(MU.US) delivered revenue of $13.6bn (+20% QoQ), beating the Street at $12.9bn, with growth driven by both DRAM and NAND. GPM reached 56%, ahead of sell-side at 51% and above the buy-side’s raised bar at 52.5%...

Hudbay Minerals

MU: AI Ignites Memory; Supercycle Starting?

MU First Take: Revenue and GPM beat, driven by broad-based price hikes across memory. DRAM and NAND each rose ~20% QoQ this quarter. Details: DRAM growth was mainly price-led, with shipments flat QoQ. As AI capex extends into NAND, the segment saw both volume and price up, with shipments +~7% QoQ and ASP +~14% QoQ. More important than the print, the key highlight was guidance for next quarter. Both metrics came in well above Street expectations. MU guides revenue around $18.8bn next quarter, up ~$5.0bn QoQ, still driven by higher volumes and pricing. With ongoing price increases, GPM is guided to ~67%, a new company high. With smartphones and other legacy end-markets steady, this upcycle is being powered by AI demand spilling over from HBM into DDR and NAND. That spillover is lifting the broader memory complex. The recent pullback in the stock partly reflected debate over the durability of memory pricing. This upside guidance should restore confidence in the near term. Memory remains cyclical, but sustained AI demand should underpin the market and keep this upcycle intact. For more, follow Dolphin Research's follow-up commentary and management Trans. $Micron Tech(MU.US)

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Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

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Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

Today’s Key News Recap

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

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Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

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The following are the minutes of Dell's FY2026 Q3 earnings call organized by Dolphin Research. For earnings interpretation, please refer to &#34;Dell DELL: Storage Price Hike Adds Pressure? AI Guidance Provides Support Again.&#34; 1. $Dell Tech(DELL.US) Key Financial Information Review 1. Cash Flow and Capital Return a. Cash Flow: Operating cash flow of $1.2 billion, with an ending cash and investment balance of $11.3 billion (an increase of $1.6 billion quarter-over-quarter). b. Shareholder Return: $1.6 billion returned this quarter (repurchase of 8.9 million shares + dividend distribution)...

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Dell (Minutes): The company's value lies in the overall solutions at level L11 and above.

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The following are the minutes of the AMAT FY2025 Q4 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'Storage is 'Red Hot', Can Applied Materials (AMAT) Benefit?' 1. $Applied Materials(AMAT.US) Key Financial Data Review Revenue: FY2025 revenue grew by 4% to $28.4 billion; Q4 revenue exceeded the midpoint of expectations. Revenue by business segment: Semiconductor Systems revenue grew by 4%. Applied Global Services (AGS) revenue grew by 3% to $6.4 billion...

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Applied Materials AMAT (Minutes): Stable in the first half of next year, growth concentrated in the second half.

Applied Materials (AMAT.O) released its financial report for the fourth quarter of fiscal year 2025 (ending October 2025) after the U.S. stock market closed on the morning of November 14, 2025, Beijing time. The key points are as follows: 1. Core Data: Applied Materials AMAT's revenue for this quarter was $6.8 billion, a year-on-year decrease of 3.5%, slightly better than market expectations ($6.68 billion). This was mainly due to the decline in the semiconductor equipment business, especially the increased proportion of restricted demand for logic-related products in regions such as China. $Applied Materials(AMAT.US) had a gross margin of 48% this quarter, an increase of 0.7 percentage points year-on-year...

Storage is 'red-hot', can Applied Materials (AMAT) still 'benefit'?

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

Wallington Asset Management LLC Increased Holdings in Micron Technology in Q3

Economic Ministry Subsidizes Micron $470 Million for High-Performance Memory R&D

Micron Technology's Put Option Spread Could Yield 197% Returns

Tokyo's Akihabara Faces GPU Shortages with Several Stores Implementing Purchase Limits

Lynx Equity Raises Micron's Target Price to $325

Framework Raises DDR5 Memory Prices Again Due to Rising DRAM Costs

ZWJ Investment Counsel Inc. Reduces Holdings in Micron Technology

Maingear Launches BYO RAM Builds Due to Memory Shortage

Micron Technology Director Steven J. Gomo Sells Common Stock

True North Advisors LLC Buys Micron Technology Shares in Q3, Executives Cut Holdings

Micron Reports Increased Supply Pressure Due to Rising HBM Demand and Extended Clean Room Construction Period

Huatai Securities Maintains Buy Rating on Micron Technology

Micron Discusses Cooperation Models with PSMC

Rosenblatt Raises Micron's Target Price to $500

Astoria Portfolio Advisors LLC Increased Holdings of Micron Technology in Q3

Micron CEO discusses HBM memory market prospects on earnings call

Wolfe Research Raises Micron Technology's Target Price to $350

US Inflation Down Pushes Stocks Up, Global Markets Eye Future Policy Moves

Wells Fargo Raises Micron's Target Price to $335

US Bank Analyst Upgrades Micron's Stock Rating to Buy

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Micron Technology, Inc. (MU.US) Fiscal Year 2026 First Quarter Earnings Conference Call

Micron Technology, Inc. (MU.US) Fiscal Year 2025 Fourth Quarter Earnings Conference Call

Micron Technology, Inc. (MU.US) Q3 2025 Earnings Conference Call

Micron Technology, Inc. (MU.US) Fiscal Year 2025 Second Quarter Earnings Conference Call

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