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: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Great. Thanks, Sumit. Maybe just a couple of follow-ups here. One, you called out strength in some key end markets. I think we've
observed, from an end market perspective, that there's been some pulling activity across certain end markets such as PC, smartphones
and traditional servers. What were the end markets where you saw strength? And do you think that some of this upside and strength
that you're seeing were due to some of these tariff-related points?
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
:
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Great. I do want to dive in, obviously, into your AI position in a minute. I had one more, just a follow-up question. I'm getting a lot
of questions on. Obviously, we know there's been shortages in DDR4, LPDDR4. To what extent did that also contribute to your strong
results here in the near term?
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Great. Maybe switching to AI. Obviously, you've got an increasing strong positioning within the AI infrastructure market. Obviously,
you're doing extremely well with HBM. If you think about kind of the Grace platform, your LP DDR5s being used there. Maybe just
help us understand what your vision and positioning is within the AI infrastructure market and how you see that trending for you
over the next several years?
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Maybe we could dive into HBM for a little bit. Can you talk about just where you are in terms of development process, where you
are in terms of qualification. And then maybe just talk about just the implications of some of the architecture changes that you
referenced, right? So HBM 4, as you referenced, is going to have a CMOS-based logic die that you and your peers are all fabricating,
it sounds like it -- so does the introduction of that logic die maybe level the playing field versus the competitors? Or does it help you
differentiate versus your competitors?
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Thank you. Are there any questions? What are the features the embedded GPU embedded features or that absolutely be looking
for. And do you break the question
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Any other questions? One more follow-up on that, Sumit. I appreciate you walking us through how you're thinking about HBM4. But
when we get to HBM4E and we move to customer interfaces, I assume you would expect to be compensated with a premium on
that for all the work that you're putting in with your customers. Do you also think that when we get to HBM 4E, is your expectation
is that you could have differentiated pricing. So today, you have better performance in some of your memory chips, but it is still a
commodity market, so everyone gets the same pricing. When we get to HBM4E, could that be the end of commodity pricing in the
memory market?
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Looks like we are out of time. Thank you very much.
Question: John Vinh - KeyBanc Capital Markets Inc - Analyst
: Really appreciate it.
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AUGUST 11, 2025 / 3:00PM, MU.OQ - Micron Technology Inc at KeyBanc Technology Forum
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