Micron: Benefiting From Strong AI-Based HBM Packaging Growth


  • Micron announced fiscal Q3 earnings on June 26, but guidance was in-line with consensus, questioning the rationale for explosive share growth in the past three months.
  • My analysis shows HBM market to grow from 4% to 15% of global advanced semiconductor packaging market by 2028, with Micron gaining share.
  • I expect Micron’s HBM capacity to increase from 5.6% in Q1 2024 to 14.0% in Q4 2025, positioning the company as the fastest growing in the DRAM oligopoly.
Micron office building in San Jose, California, USA - June 8, 2023.


Earnings Call Analysis

Micron (NASDAQ:MU) announced its fiscal Q3 earnings on Wednesday June 26. The shares dropped 6.5% in extended-hours trading on Wednesday after the memory chipmaker issued guidance that was in-line with estimates, and are down 6% in the late-morning of June

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