➀ WSTS报告2024年第三季度半导体市场增长1660亿美元，同比增长10.7%；➁ 英伟达因AI GPU的强劲表现成为最大半导体公司；➂ 2024年第四季度展望显示数据中心市场将推动Nvidia、美光和AMD的收入增长；➃ 2025年展望显示AI将推动服务器增长，但增速将放缓。
Recent #Memory Market news in the semiconductor industry
➀ Micron, a major US memory company, is set to release its financial report, as concerns about oversupply in the memory market, especially traditional products, are increasing.
➁ Despite a 'profit surprise' with $7.75 billion in sales between June and August, Micron expects sales to continue growing this quarter, driven by high-value products like HBM.
➂ The semiconductor industry is facing uncertainty due to weak demand for general-purpose storage beyond AI and the aggressive expansion of production by Chinese latercomers.
1. Micron is expected to have a strong earnings release on December 18, 2024, driven by high-bandwidth memory ramp and favorable EPS estimate revisions; 2. Micron's HBM3E chip is expected to significantly boost revenue and could lead to gross margin gains in FY 2025; 3. Micron is buying back a lot of its own shares, and strong market conditions could lead to more capital returns.
➀ The demand for HBM is rapidly growing due to the surge in AI server needs, with supply for 2024 and 2025 already sold out by Micron and SK Hynix.
➁ TrendForce analysts predict a 5% to 10% increase in HBM memory prices next year, with DDR5 prices expected to rise by 15% to 20%.
➂ HBM is much more expensive than standard DRAM, about five times the cost of DDR5, but its performance and capacity advantages justify the higher cost.
1. Added to my Micron position as the stock recently broke below $100 and upgraded my rating to a strong buy ahead of earnings. 2. Micron Technology will report FQ4 results on September 25. 3. Read-through from companies like Western Digital and Best Buy suggests strong memory market fundamentals and healthy end-customer demand for phones and computers. 4. MU stock trades at a 10x forward P/E multiple, making it a value buy compared to the S&P 500's ~20x multiple.
1. Lam Research Corporation, a major WFE supplier, benefits from etch and deposition technologies and memory market demand. 2. The company faces potential market share loss due to competition in China. 3. Concerns over peak margins and competition lead to a 'hold' rating based on fair valuation.