US Semiconductors and Hardware: Weekly Investor Pulse: Micron Preview, QCOM Event & Dell’Oro Switch 1Q Share

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US Semiconductors and Hardware: Weekly Investor Pulse: Micron Preview, QCOM Event & Dell’Oro Switch 1Q Share

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19 Jun 2026 08:00:00 ET │ 10 pages

US Semiconductors and Hardware

Weekly Investor Pulse: Micron Preview, QCOM Event & Dell’Oro Switch

1Q Share

CITI’S TAKE

We recap three key topics that drew the most investor interest this week:

Micron earnings preview, Qualcomm upcoming investor day, and Dell’ Oro

Switch 1Q share.

Atif MalikAC

+1-415-951-1892Micron Preview: Micron reports May-Q earnings on 6/24 (see our preview). We model

6%/5% EPS upside to May/Aug-Qs with expectations of $28+ EPS for the Aug-Q on atif.malik@citi.com

DRAM ASPs 20%+ vs Citi 19% Q/Q. Moreover, Reuters (18 June 2026) reported that Asiya Merchant, CFA

Apple is planning to raise product prices as it is becoming unavoidable due to rising asiya.merchant@citi.com

component costs thus reinforcing a tight memory pricing environment feeding

directly into downstream OEM pricing, with Apple signaling limited near-term relief. James Bowlin

Key investor topics include — a) Updated DRAM/NAND supply/demand 2026/27 james.bowlin@citi.com

outlooks; b) long-term agreements (LTAs) to drive sustainable revenue/earnings in Adrienne Colby

the coming years; c) gross margin outlook for the year.

adrienne.colby@citi.com

Qualcomm Investor Day: Qualcomm will host its Investor Day on 6/24. We expect the

company to focus on the data center offerings, which include inference accelerators

such as the AI200/AI250, server CPUs, and custom silicon such as ASICs. We believe

QCOM has an opportunity to scale revenue in data center given its fungible

smartphone wafer allocation, albeit from a low level. During earnings, QCOM

disclosed a hyperscale data center customer is ramping a custom silicon solution (we