MU: F3Q26 Preview: Path to +$130/sh. EPS; Adj. Thru-Cycle View to ~$70/sh. PT to $1,220

Research evidence excerpt

MU: F3Q26 Preview: Path to +$130/sh. EPS; Adj. Thru-Cycle View to ~$70/sh. PT to $1,220

Micron Technology, Inc. Equity Research

reminder, Micron sampled the industry's first 256GB LP SOCAMM2 modules on 1y, which are used

in NVIDIA's 88-core Vera CPUs to enable up to 1.5TB of capacity per CPU (8x 192GB SOCAMM2

modules) at 1.2Tbps bandwidth. This compares to NVIDIA's 72-core Grace CPUs supporting up to

480GB of LPDDR5X (soldered-down) capacity at 512Gbps bandwidth - i.e., Vera represents a >3x

increase in LPDDR5X capacity. We view NVIDIA announcing at Computex that Vera Rubin is now in

full volume production (earlier than expected) as a positive for MU; focus on volume ramp in 2H26.

We continue to see SOCAMM2 as a potential TAM expander beyond NVIDIA over time.

Last quarter Micron had noted that it sees expanding usage of LPDDR memory in the data center

- recent reports have highlighted AMD's plans to offer LPDDR-based SOCAMM2 support in their

next-generation Verano EPYC CPUs. As a reminder, in early-March Micron had announced that

it commenced sample shipments of the industry's first 256GB LPDDR5X SOCAMM2 modules -

noted to support 2TB of LPDDR5X capacity per 8-channel server CPU for AI and HPC workloads.

These solutions utilize Micron's leading position / integration of 32Gb LPDDR5X die. Micron's

press release highlighted its collaboration with NVIDIA to co-design these sophisticated memory

solutions for AI infrastructure.

• NAND Flash - Enterprise SSD Momentum Remains Key Focus: While Micron's DRAM results /

outlook will be the primary focus, we would highlight Micron's enterprise SSD momentum as a key

investor focus. As illustrated in the table below, based on Trendfocus estimates, Micron's implied