"A Cue from MU" | Positive Read-Through for AI Infrastructure

研报英文原文证据摘录

"A Cue from MU" | Positive Read-Through for AI Infrastructure

H O T C O M M E N T

J u n e 2 4 , 2 0 2 6

Dell Technologies, Inc. (DELL) Overweight

CONCLUSION PRICE: US$434.06

Micron (not covered) reported F3Q26 earnings after-market-close, beating consensus TARGET: US$497.00

expectations and driving our hardware names higher after hours. Micron's supply/demand

James Fishcommentary is a positive read-through for AI infrastructure spending. As demand continues Sr. Research Analyst, Piper Sandler & Co.

to outstrip supply, customers are recognizing the shortages - likely driving net pull-ins and 612 303-6509, james.fish@psc.com

driving management's increased server shipment expectations. Additionally, AI build-outs Timothy Shubsda

are playing a large role in demand. Given the commentary and favorable outlook, we like Research Analyst, Piper Sandler & Co.

DELL, ANET, P, and FFIV here, though view the print as broadly positive for the space, 716 461-2680, timothy.shubsda@psc.com

including CSCO, HPE, and DGII. Ryan Abbott

Research Analyst, Piper Sandler & Co.

503 351-5391, ryan.abbott@psc.comBelow are some key takeaways that are likely driving the reaction across our infrastructure

coverage:

Related Companies: Share Price:

ANET 161.74

• Supply remains structurally constrained with no line of sight to relief. Demand CSCO 119.73

significantly exceeds supply across DRAM and NAND. Tight conditions are expected to DGII 67.74

persist beyond CY27, and management sees no clear point at which supply catches up FFIV 384.78

even as gradual improvement is expected in 2028. HPE 48.75

P 72.80

DELL 434.06

• HBM is crowding out the rest of the memory stack. Cleanroom space is being

redirected from NAND to DRAM, and HBM's rising trade ratio with each new generation RISKS TO ACHIEVEMENT OF