The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ross Seymore - Deutsche Bank - Analyst
: So we'll get started with a bunch of different questions about the core technology, the spending, AI, all those sorts of things. But I just wanted to
start off by knocking out some of the near-term trends.
What are you seeing in the near-term trends? I know you're just about to finish your quarter very, very soon so you might be limited in what you
can say. But how are you seeing the near-term trends, bit growth, pricing, general market demand trends in your various end markets? Any sort of
updates on those would be great.
Question: Ross Seymore - Deutsche Bank - Analyst
: Great. Thank you very much for that. I think you just provided the perfect segue to AI/HBM. So why don't I just hand it over to Melissa to dive a little
deeper into that topic?
Question: Ross Seymore - Deutsche Bank - Analyst
: You mentioned about the difference in shares. Of course, you're gaining share in the HBM side of things, but kind of two questions. The punchline
is, why couldn't you have more share in HBM, and I think that's where Melissa was going, than you have in traditional DRAM.
And let me preface that a little bit, I guess, retroactively. At dinner last night, we talked about the technology advantage you have with the HBM3E
side of things across a number of different factors. Can you, one, talk a little bit about the technology advantage? Two, how persistent is that? And
three, coming back to the punchline, if it is such an advantage, why is there a cap at that kind of low 20s share?
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AUGUST 28, 2024 / 3:45PM, MU.OQ - Micron Technology Inc at Deutsche Bank Technology Conference
Question: Ross Seymore - Deutsche Bank - Analyst
: Why don't we use that as a transition point from the HBM side to the more traditional DRAM side of things. Maybe kind of a conceptual question
first. Is HBM a substitution for or a kind of a compounder of the traditional DRAM side, especially when you put the capacity decisions that you
have to make between them and then the pricing ramifications?
Question: Ross Seymore - Deutsche Bank - Analyst
: How do you think about the capacity growth or lack thereof in the traditional DRAM side? I believe you've talked in the past about kind of exit rate
fiscal '22 to exit rate this year and how it's come down. How do you think about that going forward?
Question: Ross Seymore - Deutsche Bank - Analyst
: You mentioned last night and part of even that answer that you had about $100 million or just over $100 million of HBM sales in fiscal 3Q. And you
talk about several hundred for the year and billions, multiple billions, not to try to put words in your mouth, next year. Overall, if it's already accretive,
I would assume early-stage yields will only get better from here.
So two parts to the question. One, how are you feeling on yields? And if it's already accretive on that ramp, I would assume that it will be significantly
more accretive, or is that an incorrect assumption as the LTAs that you have somewhat offset those cost-downs that you would build in?
Question: Ross Seymore - Deutsche Bank - Analyst
: Do you think from that perspective that people focusing on the bit shipment growth a little -- or the people are focusing on that a little bit too
much and a little bit underappreciating the kind of aggregate pricing side for that dynamic as well?
Question: Ross Seymore - Deutsche Bank - Analyst
: With that, I think we are right on time. So Sanjay and Manish, thank you so much for coming to the conference and sharing all your insights with
us. It's going to be a fascinating time at Micron, so thank you.
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AUGUST 28, 2024 / 3:45PM, MU.OQ - Micron Technology Inc at Deutsche Bank Technology Conference
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