Weekly: Earnings Week 8 MU & CBRS Preview

Research evidence excerpt

Weekly: Earnings Week 8 MU & CBRS Preview

Idea

June 22, 2026 04:09 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: Earnings Week 8 MU & Joseph.Moore@morganstanley.comElla Tulchinsky +1 212 761-7516

Research Associate

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

CBRS Preview Nicole Kozhukhov

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

Raising Micron numbers again as shortages continue to intensify; Mason Wayne

higher capex and limited LTA disclosure shouldn't hold the story ResearchMason.Wayne@morganstanley.comAssociate +1 212 761-6012

back. Separately we see CBRS posting in line #s for its first Shane Brett

public qtr, with visibility into the coming ramp. EquityShane.Brett@morganstanley.comAnalyst +1 212 761-1022

CBRS (OW, reporting after the market close on Tuesday, June 23rd): CBRS will Semiconductors

report its first quarter as a public company, and while we are not expecting a North America

Industry View Attractive

major surprise, we remain constructive on what we view as a differentiated

architecture with significant upside. With large take or pay agreements already in

place, the near term story remains centered on execution rather than demand. We

continue to view the pace of capacity deployment as the key driver of revenue and

gross margin upside, and remain focused on management's progress toward bringing

the initial 250MW tranche online, which we currently expect by mid 2027. Longer

term, the more important question is whether the Wafer Scale Engine proves to be

a durable competitive advantage. The company will need to demonstrate that the

technology delivers meaningful value to customers and can scale economically. For