Categories: 테슬라(TSLA)투자정보

Micron earnings call-1

Q3 FY22 Revenue, Gross Margin, and EPS All Above Top Guidance Range Micron led strong price increases as industry supply and demand conditions continued to improve. Combined with enhanced product configurations, this enhanced pricing improves profitability across all end markets
In data centers, the rapid increase in AI demand allowed sales to increase by more than 50% sequentially, and the share in high-margin AI-related product categories such as HBMs, high-capacity DIMMs, and data center SSDs increased. The data center revenue mix is set to reach record levels in fiscal 2024 and grow significantly in fiscal 2025. Strong AI-driven demand for data center products has led to a shortage of state-of-the-art nodes. As a result, despite the steady short-term demand for PCs and smartphones, continuous price increases are expected throughout 2024.
Looking ahead to 2025, the demand for AI PCs and AI smartphones and the continued growth of AI in data centers create an advantageous environment that gives us confidence that we can achieve significant sales records in FY2025, driven by our continued efforts. Portfolio transition to higher-end products.
Lamping the industry’s most advanced technology nodes in both DRAM and NAND. Currently, over 80% of DRAM bit production is done at state-of-the-art 1-alpha and 1-beta nodes. Over 90% of NAND bit production is done at two state-of-the-art NAND nodes. The production of 1-gamma DRAM pilot using extreme ultraviolet lithography is progressing smoothly, and we are aiming to mass-produce it in the 2025 calendar. Next-generation NAND nodes are planning to mass-produce them in the 2025 calendar, and they are progressing smoothly.
Although we suffered some outages after the recent earthquake in Taiwan, we recovered quickly thanks to the diligent efforts of Micron Taiwan team members working with the global operations team. Despite the impact of the earthquake, we expect DRAM front-end cost reductions for FY2024 excluding HBMs to reach a high single-digit percentage range. We expect NAND front-end cost reductions for FY2024 to be in the early 10% range. These cost reductions are supported by industry-leading 1Beta DRAM and 232 Layer NAND nodes.
During the quarter, Micron entered into a non-binding preliminary memorandum (PMT) with the U.S. government for a $6.1 billion grant under the CHIPS and Science Act. The grant supports planned expansion of state-of-the-art memory manufacturing in Idaho and New York. Through federal and state incentives, expected power cost advantages, and R&D colocation synergies, Micron achieved cost-competitive state-of-the-art memory manufacturing in the U.S. once these projects reached an efficient manufacturing scale.
Fab construction is underway in Idaho, and we work hard to complete the regulatory and licensing process in New York. These additional advanced greenfield capacities, along with ongoing technology transformation investments in Asian facilities, are needed to meet long-term demand in the late 2010s and beyond. Supporting our goal of maintaining current bit share over time and increasing the supply of memory bits to meet long-term industry bit demand.
Early stages of the multi-year race to implement A AGI. Activation of AGI requires training the ever-growing model size through trillions of parameters and sophisticated servers for inference. AI will penetrate to the edge through AI PCs, AI smartphones, as well as smart cars, and intelligent industrial systems. This trend will drive significant growth in DRAM and NAND demand, and we believe Micron will be one of the largest beneficiaries in the semiconductor industry due to its AI-led multi-year growth opportunities.
Data center customer inventory has normalized and customer demand continues to strengthen. PC and smartphone customers build additional inventory due to expectations of supply shortages as they remain committed to meeting increasing data center demand due to rising price trends, expected growth of AI PCs and AI smartphones, and increased DRAM and NAND production. Expectations of continued high-tech node pressures have increased the interest of many customers in the market segment to secure long-term contracts in 2025 ahead of their usual schedule.
Data center expects industry server device shipments to grow mid-to-late single digits in 2024, driven by strong growth of AI servers and modest recovery of existing servers. Micron is well positioned through its portfolio of HBM, D5, LP5, high capacity DIMM, CXL and data center SSD products
Customers continue to provide feedback that our HBM3E solution has 30% lower power consumption compared to our competitor’s solution. Our HBM shipment growth began in Q3 of fiscal year, generating HBM3E revenue of more than $100 million in the quarter with margins added to DRAM and overall company margins. We expect to generate $700 million in revenue from HBM in fiscal 2024 and billions of dollars in revenue from HBM in fiscal 2025. We expect to achieve HBM market share corresponding to our overall DRAM market share sometime in 2025.
Our HBMs sold out in 2024 and 2025, with prices already contracted for the overwhelming majority of supply in 2025. We are making significant progress to expand our HBM customer base in 2025 as we design industry-leading HBM technology with key HBM customers. We sampled 12-Hi HBM3E products and expect to enter mass production in 2025 and increase mixing throughout 2025
We have a strong roadmap for HBM and are confident that we will maintain our technology leadership with HBM4 and HBM4E. The next generation of HBMs will deliver additional performance and capacity improvements while continuing to advance industry-leading low-power innovations
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