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: Timothy Arcuri - UBS - Analyst
: Mark, I guess my first question is, some of the assumptions in guidance. I think you've been saying kind of on the conference circuit that bits would
be pretty flat in fiscal Q1 for both DRAM and NAND. Is that what you're still assuming so that most of the increase in the revenue is basically pricing?
Is that correct?
Question: Timothy Arcuri - UBS - Analyst
: And then just one last thing. You had said that HBM revenue last quarter in May was a little over $100 million. Can you give us the number in
August? Was it looks like it was $300 million to $350 million, something like that. Is that about right for your HBM revenue in fiscal Q4?
Question: C.J. Muse - Cantor Fitzgerald - Analyst
: I guess first question on gross margins. You guided up a robust 300 basis points. I was hoping you could spend a little bit of time kind of walking
us through what's driving that? How much is from like-for-like DRAM ASP increases, mix, HBM yield improvements and cost downs. And I guess,
as you kind of walk through that, can you give us a flavor of how to think about those drivers beyond the November quarter?
Question: C.J. Muse - Cantor Fitzgerald - Analyst
: Very helpful. And then I guess maybe as a follow-up, you've reiterated your CapEx outlook, but obviously, the end market environment has changed
a bit in the last 3 months. So curious if you've changed your prioritization of CapEx at all? Obviously, you talked about a focus on shelves and HBM.
Any other change in terms of your spending?
Question: Joseph Moore - Morgan Stanley - Analyst
: In terms of your target for getting to HBM market share that's more in line with your overall market share, can you kind of characterize how you
get there? Do you anticipate that it's still a supply-constrained environment for everybody? Or are we sort of more a little bit more balanced in the
quality of the Micron product drives us through? Just what's the determinant of that market share that gets you to that level?
Question: Vivek Arya - Bank of America Securities - Analyst
: I have two as well. Sanjay, on that same topic of HBM, there is some concern about the potential for HBM oversupply in '25, let's say, there are 3
suppliers instead of the 2 that are right now. Is that something you see that there is any potential for oversupply?
And let's say, if you take the other scenario where there continue to be only 2 suppliers of NextGen HBM, do you think the third supplier could
flood the market with additional DRAM, just sort of the reverse of this trade ratio argument? So just curious to hear how you think about the
supply-demand dynamics for both traditional DRAM and HBM4 next year.
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SEPTEMBER 25, 2024 / 8:30PM, MU.OQ - Q4 2024 Micron Technology Inc Earnings Call
Question: Vivek Arya - Bank of America Securities - Analyst
: Very helpful. And maybe a quick follow-up for Mark. Mark, on the Q3 call, I think you were a little more explicit about both industry pricing and
your gross margins expanding through fiscal '25, is that still a useful construct from where you see from what you see today? Or do you think there
is a scenario where gross margins or your pricing start to flatten out or even go in the other direction through fiscal '25. What is the operating
assumption for fiscal '25 as you see it right now?
Question: Toshiya Hari - Goldman Sachs - Analyst
: I had a 2-part question on the HBM business. Sanjay, you talked about you all being sold out through calendar '25. I'm curious if there's an opportunity
for Micron to present upside or deliver upside to what the plan is currently for '25 or are equipment lead times such that you're essentially capped
Question: Toshiya Hari - Goldman Sachs - Analyst
: Great. And then as a quick follow-up on DRAM industry bit growth. I think you raised your '24 outlook to high teens and you gave a preliminary
'25 outlook of mid-teens. I'm curious what's driving the decel from '24 to '25. Is the '25 number a supply-constrained number. From a demand
perspective, Sanjay, you sounded pretty constructive on PCs and smartphones and obviously, the content opportunity, and you remain pretty
positive on data centers. So I'm just curious what's driving the expected decel in '25.
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SEPTEMBER 25, 2024 / 8:30PM, MU.OQ - Q4 2024 Micron Technology Inc Earnings Call
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