Citi‘s Most Read - Tech & Communications

Research evidence excerpt

Citi‘s Most Read - Tech & Communications

Micron Technology Inc (MU.O) - Quick Take - Sales and Gross Margin Upside

MU stock is up ~8% after hours after reporting better-than-expected F3Q26

results and F4Q26 guidance. Please see our preview. We are awaiting commentary

on the earnings call at 4:30pm ET.

Buy | Target price US$1200.00

Atif Malik

Samsung Electronics (005930.KS) - 2Q26E Preview: Bonus Provisions to Weigh

on 2Q OP, but Upward Trend in Memory Performance Remains Intact

We project Samsung Electronics (SEC) to report 2Q26E OP of W72.3tr, missing the

market consensus of W89.2tr by 18% due to a larger-than-expected allocation of

bonus provisions in the quarter despite strong memory fundamentals. However,

we maintain our view on sustained memory growth outlook, thus raise our 26E OP

to W334.2tr from W331.0tr based on favorable market conditions. In 2Q26E, we

expect SEC’s divisional OP breakdown to be: Semi W71.3tr, Mobile W0.5tr, Display

W0.3tr, CE W0.1tr, and Others W0.1tr.

Buy | Target price W460000.0

Peter Lee

Quarterly Earnings Forecasts (Consolidated)

Micron Technology Inc (MU.O) - Management Callback Notes

We spoke with Micron management briefly post earnings yesterday and recap key

takeaways.

Buy | Target price US$1400.00

China Communications Infrastructure - AI Optics in Structural Upcycle

Deep Dive

The AI infrastructure buildout is triggering a structural upcycle in optical

interconnects, with the global optical interconnects market projected in our model

to reach US$92bn by 2028E — a 65% three-year CAGR. Datacom should

dominate at 89% of shipments, led by 800G and 1.6T transceivers growing at 31%

and 215% shipment CAGRs, respectively. CPO/NPO shipments should emerge

from 2027E, reaching 56m units in 2028E. Silicon photonics penetration would