Micron CFO says business ‘trending in line with expectations’ shared in June

Micron CFO Mark Murphy said while speaking at the Deutsche Bank Technology Conference, according to a transcript of te event: “So the business is trending in line with the expectations that we shared at our earnings call in June and a recent conference. Industry bit shipments continue to increase, and the supply response has been broad-based. On industry bit shipments, and our bit shipments, we’re past the bits bottom. And in fact, we expect to have record bit shipments in this quarter. On pricing, we’re at an inflection point. We see pricing bottoming about now. As we’ve said before, we expect in calendar ’25 for the industry to be record TAM, and that is with more normalized profitability as well. On other items, on July 26, we did announce that we began sampling our HBM Gen 2 product. Can also refer to that product as HBM3E. Subsequent competitor announcements show that Micron will have a product that leads on specs when it’s ramping. On August 7, also supporting data center, we announced memory expansion module product, both users and supports CXL standard. And then finally and most recently, we did complete chips, grant filings for a fab in Idaho and a mega fab in New York.”