Sean(@sean_________):Wolfe on $MSFT: "We think that the timing and size of MSFT’s disclosure could support the possibility that MSFT is one of $MU’s early SCA customers" "We estimate ~$10B of our $15B CY26 Capex increase reflects higher memory prices, based on our estimate of memory accounting for ~30% of our prior C2H26 short-lived asset Capex at a ~40% price increase, with the remaining $5B reflecting additional caution around component costs and potential investments to bring capacity online earlier." "we now estimate FY27 FCF to be negative, impacted by our $40B increase to FY27 Capex"

2026.07.06 10:07

Wolfe on $MSFT: "We think that the timing and size of MSFT’s disclosure could support the possibility that MSFT is one of $MU’s early SCA customers" "We estimate ~$10B of our $15B CY26 Capex increase reflects higher memory prices, based on our estimate of memory accounting for ~30% of our prior C2H26 short-lived asset Capex at a ~40% price increase, with the remaining $5B reflecting additional caution around component costs and potential investments to bring capacity online earlier." "we now estimate FY27 FCF to be negative, impacted by our $40B increase to FY27 Capex"

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