💾 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#:

AI Server Boom Triggers New MLCC Supply Squeeze AI server demand is driving a new MLCC shortage cycle, with tight supply expected through 2027 and potentially into 2028 if edge AI demand strengthens A single AI server rack can require 300,000–400,000 capacitors, far more than resistors or inductors, making MLCCs one of the biggest passive-component bottlenecks Murata and Samsung Electro-Mechanics remain the leaders in high-end AI server MLCCs, especially compact, ultra-high-capacitance parts. As they shift more capacity toward these premium products, consumer, automotive, and industrial orders are increasingly moving to Taiwanese suppliers Yageo has reached 90% MLCC utilization and is expanding capacity in Kaohsiung and Suzhou. Its combined MLCC, resistor, and tantalum capacity is expected to be 15% higher by the end of 2026 than a year earlier Walsin is running at 80–85% utilization and raised its 2026 capex budget from NT$500M–NT$1B to at least NT$3B. It expects 10–15% capacity growth in MLCCs and resistors, with a larger expansion planned for 2027 Pricing is also tightening. SEMCO is expected to raise prices by 25–30% for general-purpose X5R products and 10–20% for high-end X6S products used in AI servers The setup is increasingly favorable for Yageo and Walsin, as stronger AI demand, high utilization, rising backlogs, and order transfers from Japanese and Korean suppliers converge into the strongest MLCC expansion cycle in years

DIGITIMES reports that AI server demand remains very strong, but component mismatches are worsening, with supply gaps reaching 15–20% across memory, CPUs, PCBs and MLCCs The issue is expected to persist through September Vera Rubin has already begun production shipments, with server volumes expected to ramp further in Q4 2026 and become a major revenue contributor in 2027. Demand also remains strong for Nvidia H- and GB-series systems, ASIC servers and general-purpose servers ODM results reflect that strength. Quanta August revenue rose 177.5% YoY, Inventec 35.8%, and MiTAC 119.9%. Quanta and Inventec both said servers were the main growth driver

Foxconn, Nvidia’s biggest server maker, reported Q3 revenue of $95.4B, up 47% YoY and above estimates, driven by AI server demand. September revenue rose 38%, and Foxconn expects AI-related operations to keep growing in Q4.

Meritz Securities: Some mobile DRAM prices are expected to surge +50% in 1Q27. Full comment: The race toward AGI is driving competitive, structural growth in server demand. Even so, B2C applications led by smartphones remain the last segment still resisting price increases. Our channel checks, however, indicate that mobile memory prices for a key customer (Apple) will rise by a staggering 50% or more QoQ starting in 1Q27, as memory makers keep shifting production from LPDDR to server DRAM and HBM. The key customer is building its 20th anniversary flagship smartphone next year, so it will have to absorb the price surge. $AAPL $DRAM

HPE'S CEO SAYS SUPPLY CONSTRAINTS CONTINUE TO AFFECT ITS ABILITY TO FULFILL INCREASED CUSTOMER DEMANDS, ADDING THAT SERVER DEMAND IS EXPECTED TO REMAIN EXCEPTIONALLY HIGH AS HPE'S PIPELINE REMAINS MULTIPLES OF ITS BACKLOG - CONF CALL

$AMZN is following the $NVDA playbook: Taking equity stakes in suppliers to help fund their working capital Amazon is investing $50M in Gold Circuit Electronics (GCE), a Taiwanese PCB supplier for AI servers and network switches Amazon will buy 1.856M new shares at NT$856 each, a 20% discount to the reference price GCE supplies all four major cloud providers and is benefiting heavily from custom AI and server demand Its August revenue hit a record NT$10.38B ($326M), up 76.4% YoY. January-August revenue reached NT$64.06B ($2.01B), up 71.3% YoY This is Amazon’s second investment in Taiwan’s AI supply chain, following its investment in Alchip in 2024

Intel’s product cycle and 14A interest are real $INTC 14A datapoints have been better than expected. Every large US customer they list, Amazon, Apple, AMD, Google, Tesla, Microsoft, Nvidia, Qualcomm, is evaluating the node. TSMC is sold out through 2028, so customers want a second source plus US onshore capacity. Datacenter Agentic-AI server demand is real and supply-constrained into 2029–30. That is why DCG can still grow high-teens