Global Memory Tech: Weekly theme: Micron results implications for Asian memory chipmakers

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Global Memory Tech: Weekly theme: Micron results implications for Asian memory chipmakers

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Global Memory Tech

Weekly theme: Micron results implications

for Asian memory chipmakers

Industry Overview

Five implications from Micron’s results/guidance 26 June 2026

We present five implications for Asian memory chipmakers following Micron’s upbeat Equity

results/guidance: (1) super-cycle or chip shortage likely to continue into 2027 or even Global

2030; (2) more LTAs (long-term agreements) with big tech companies and OEMs, which Technology

could make the industry less cyclical and highly profitable (such as Taiwan’s proven Simon Woo, CFA >>

foundry); (3) not easy to build new shell fabs (high construction cost, local government Research Analyst

regulation, power/water supply issues, etc.); (4) limited wafer capacity expansion even in Merrill+82 2 3707Lynch0554(Seoul)

2028 (lots of clean rooms needed for old fab upgrades, longer manufacturing cycles, simon.woo@bofa.com

larger sized front-end and even back-end equipment, low yields in producing more Dai Shen >>

Research Analyst

advanced chips, high trade ratio for HBM vs conventional DRAM); and (5) significantly Merrill Lynch (Hong Kong)

increasing FCF despite more-than-doubled capex spend vs normal cycle. Micron also dai.shen@bofa.com

pointed to meaningful HBM4 sales (US$1bn so far); new fab construction / operations Vivek Arya

across the globe – the US (Boise; New York; Virginia), Taiwan (Tongluo), Singapore, and BofAS

Japan; as well as large EUV orders. Our check also suggests that all major Asian memory vivek.arya@bofa.com

chipmakers also agree on Micron’s bullish memory industry views. Mikio Hirakawa >> Research Analyst

BofAS Japan

mikio.hirakawa@bofa.comFine-tune global memory forecasts