💾 StreetAccount Update: $MU Micron Technology F4Q26 preview: focus on memory supply-demand dynamic Results and Outlook: • MU reports F4Q26 results AMC on 30-Sep-26. The Street expects revenue of $51.334B, above the $50.0B midpoint and $51.0B high-end of the guidance range, gross margin of 85.5%, slightly below the 86% guidance midpoint, operating expense of $1.436B vs. $1.65B guidance, and EPS of $31.72, above the $31.00 guidance midpoint. • For F1Q27, consensus currently expects revenue of $57.197B, gross margin of 86.3%, operating expense of $1.743B, and EPS of $35.47. Areas of Focus: • Memory Demand Trends: Investors will be looking for details on memory demand trends, commentary on duration and outlook on the supply-demand imbalance, and any updates on SCAs. • Server vs. Client: Server memory demand likely continues to significantly outpace supply and investors will be listening for updates on DDR5, HBM3 and HBM4 ASP/pricing dynamics, capacity and supply outlook, and shifting demand. On the client side, investors will be watching for details on demand trends, commentary on possible demand destruction, and PC/client outlook. • NAND: Investors will also be looking for updates on pace and duration of NAND ASP increases, capacity and supply forecasts. • Capex: Investors will be watching for FY27 capex guidance with consensus currently expecting $47.776B. $MU #Micron# #EarningsPreview# #MemoryMarket# #MemoryDemand# #ServerDemand# #MemoryChops# #Capex# #EPS# #ChipStocks# Gain immediate access to earnings insights with #StreetAccount#:

Memory fundamentals are still very strong (stronger than Q1). $MU CEO: - "We expect memory and storage supply demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026." - "We do not have line of sight to when supply and demand will return to balance." Back in July, $NVDA supply commitments rocketed from $119B -> $279B which was "primarily related to the procurement of memory", with ~$175B of commitments for 2028-29... $MU also said that >75% of FY27 output is already committed + "a majority of discussions with our customers today are already around 2028." So as a reminder....ultra long-term demand visibility in the context of the memory market. Samsung’s Q3 prelim last week was 107.4T Won O.P. on 195T Won revenue: - So that's ~55% margins company-wide. - Micron did 87% GM in their most recent quarter - $SNDK 84.6% GM. All accelerating/stabilizing margins as of their most recent fiscal Q's. Mass production from new capacity (from Micron, Samsung and SKHY) is also not expected to come online for quite some time. In other words, the shortage will intensify next year at least. Then long-term contracts solidify long-term earnings further via price floors + committed volumes: - $MU with 26 SCAs worth >35% of revenue through to 2030 with some now running into 2031. - $MU CFO: "even at floor prices, we expect margins meaningfully above any prior cycle peak margins." - $SKHY has ~10 LTAs of ~5 yrs w/ pricing structures "designed to respond to price fluctuations." - Sammy (as of recent reporting) holds ~70% of memory capacity under LTAs until 2031 with $MSFT, $NVDA and $GOOGL, with ~25% of contract value prepaid. - $SNDK also has their "New Business Model" agreements with 8 customers that lock in ~66% of fy28. Then on buybacks, $MU will step up returns from December - "over time, we expect to return 100% of our excess cash." Just crazy how much cash these companies are bathing in rn. Obviously there are risks, mainly with positioning and sentiment towards the AI trade currently - thanks to macro/ARR fears/pacing talks/other stuff I'm probably forgetting rn. China is ofc another risk with CXMT but I don't see how they'll be a massive problem for HBM / US hyperscaler RDIMM where they'll continue to face US restrictions + massive qualification walls imo. But ultimately, memory fundamentals are in-tact and very strong. Stronger than Q1.

Memory market update: - Counterpoint forecast a 20% QoQ increase for DRAM. - Trendforce are more conservative at 13-18% for conventional DRAM and 10-15% for NAND. - Morgan Stanley raised Q3 PC DRAM forecast to 15-20% increases QoQ from 3-8%. These aren't perfectly comparable baskets but the main conclusion is that tightness still persists. SK Hynix CEO and Chairman both confirmed supply tightness post-US IPO, potentially into the 2030s. - Samsung is reportedly seeking a Q3 DRAM ASP increase of up to 20% QoQ, with LPDDR increases potentially exceeding 20%. That would be their third consecutive quarterly hike after +90% in Q1 and +60% in Q2. This is above TrendForce's forecast but if price increases stick, $MU and SK hynix would likely follow. - TrendForce expects Q3 server DRAM contract prices to rise 13-18%. Multi year supply agreements limit price increases for some large volume US cloud customers. Which means customers without LTAs and incremental volumes sold outside those agreements would absorb the largest hikes. - SK hynix reportedly plan to scrap price caps in its new LTAs so that spot upside flows straight through, while $MU's SCAs carry floors and ceilings. - TrendForce estimates HBM will consume 22% of the top three suppliers' DRAM wafer input in 2026 while producing only 9% of DRAM bits. Those figures rise to 30% & 13% in 2027. This disproportionate wafer consumption is the main structural reason why conventional / server DRAM can remain scarce, even as capex increases. - On HBM4 itself, 2027 contract negotiations land around Q4'26 and Digitimes model HBM4 moving from ~$2/Gb in 2H26 toward $4-5/Gb next year. - Morgan Stanley suggest NAND remains undersupplied through 2027. - TrendForce expects mature SLC NAND pricing to rise 120-170% in 2H26, driven by shrinking mature-node capacity & MLC -> SLC migration. Positive read-through for $SNDK, Kioxia and $MU, while $SIMO offers controller leverage. - Worth noting Kioxia has filed for a US ADS listing, and $SNDK has raised NAND product pricing double digits while extending the JV with Kioxia to 2034. - $MU also recently broke ground on a ¥1.5 trillion Hiroshima expansion, targeting advanced DRAM & HBM shipments around summer 2028.

🚨 THE MEMORY CARTEL IS ABOUT TO FALL. Ex-Samsung chip boss says heavy Chinese investment in the memory market could crush the 414% DDR5 price spike within a year. Goldman calls it RAMageddon. Samsung, SK Hynix, and Micron control 70% of global DRAM and pushed prices from $6.84 to $27.20 in 3 months. Now China is gearing up to flood the market. Cheap memory = cheap AI compute = the cartel cracks.

The only cyclicality in the memory market is retail flipping bearish to bullish every week—supply/demand conditions have only widened throughout 2026. We've now seen a very healthy reset in SK Hynix and Samsung leverage thanks to increased regulations, with higher margin requirements and more stringent portfolio caps impacing investor appetite recently. However, current valuations are extremely compelling due to less cyclical future earnings and more constructive shareholder return initiatives by both SK Hynix and Samsung. All of this combined makes me extremely bullish, as I have been over recent months. Foreign inflows into Korea will be the next driver, which has fallen off in recent months. $SKHY $DRAM