Overview Key strengths Key risks Second-largest DRAM maker globally, with good technological capabilities and operating efficiencies. Memory semiconductor industry is cyclical, resulting in volatile profitability and cash flow. Bigger scale in NAND flash after acquisition of Intel's NAND business. Significant capital spending to keep up with rapid advances in technology. High entry barriers in the DRAM market. Revenue and EBITDA growth was solid for the company in 2021 and the first half of 2022. Pandemic-induced pent-up demand for PCs and mobile products helped to drive this. Increasing multi-cloud adoption also increased datacenter-related server demand. All these led to a strong upcycle for memory chips. However, this trend rapidly reversed in the third quarter of 2022. Tough macroeconomic conditions and weak
